Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6]. Core Insights - The report highlights the significant rise in the public utility and environmental indices, with the public utility index increasing by 3.45% and the environmental index by 1.49% during the week [1][31]. - The report emphasizes the ongoing support from national policies for renewable energy development, which is expected to stabilize profitability in the renewable energy sector [3][29]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.51%, while the public utility index rose by 3.45% and the environmental index by 1.49% [1][31]. - Within the electricity sector, coal-fired power increased by 7.83%, hydropower by 2.30%, and renewable energy generation by 3.72% [1][32]. Important Events - Multiple provinces have released documents related to the "136 Document" and initiated or completed bidding for new energy incremental project pricing mechanisms [1][23]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][29]. - The report suggests investing in leading renewable energy companies such as Longyuan Power and Three Gorges Energy, as well as high-quality offshore wind companies [3][29]. - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability [3][29]. - High-dividend hydropower stocks like Yangtze Power are recommended for their defensive attributes [3][29]. - The report also highlights investment opportunities in the environmental sector, particularly in water and waste incineration industries [3][30]. Key Company Earnings Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.49 in 2024 and 0.62 in 2025 [5]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.76 in 2024 and 0.81 in 2025 [5]. - Recommendations extend to companies like Guangxi Energy and Funiu Co., which are positioned well in the renewable energy sector [5][30].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][29]. Core Views - The report highlights the significant growth in the public utility and environmental sectors, with the public utility index rising by 3.45% and the environmental index by 1.49% during the week [1][31]. - The report emphasizes the importance of green methanol production, which significantly reduces carbon emissions throughout its lifecycle, and outlines the two main production routes: biological methanol and electro-methanol [2][15]. - The report suggests that coal and electricity prices are expected to decline simultaneously, allowing thermal power profitability to remain reasonable, and recommends major thermal power companies such as Huadian International and Shanghai Electric [3][29]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.51%, while the public utility index rose by 3.45% and the environmental index by 1.49%, with respective relative returns of 3.97% and 2.00% [1][31]. - Within the power sector, thermal power increased by 7.83%, hydropower by 2.30%, and renewable energy generation by 3.72% [1][31]. Important Events - As of October 12, 2025, multiple provinces have released documents related to the "136 Document" and initiated or completed competitive pricing for new energy incremental projects [1][23]. Investment Strategy - The report recommends several companies across different sectors: - For thermal power: Huadian International and Shanghai Electric [3][29]. - For renewable energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies [3][29]. - For nuclear power: China Nuclear Power and China General Nuclear Power [3][29]. - For hydropower: Yangtze Power [3][29]. - For gas: Jiufeng Energy [3][29]. - For environmental services: China Everbright Environment and Zhongshan Public Utilities [3][30]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform" [5][8]: - Huadian International (Code: 600027.SH) - Longyuan Power (Code: 001289.SZ) - China Nuclear Power (Code: 601985.SH) - Yangtze Power (Code: 600900.SH) - Jiufeng Energy (Code: 605090.SH) Special Research - The report discusses the production routes for green methanol, emphasizing the need for renewable hydrogen and carbon sources [2][15]. - It also details the competitive pricing results for new energy projects across various provinces, highlighting specific prices and execution periods [23][26].

Core Viewpoint - The company, Shango Environmental (000803.SZ), has announced that its wholly-owned subsidiary, Shango Shifang, has won a bid for the kitchen waste and fecal harmless treatment project in Xingtai City, indicating a significant expansion in its service offerings in waste management [1] Group 1 - The project has a total design scale of 800 tons per day, with an initial phase of no less than 450 tons per day, highlighting the project's substantial capacity [1] - The service period for the project is set for 8 years, ensuring a long-term revenue stream for the company [1] - Revenue from the project will be shared based on 43.6% of the net income, which presents a clear financial incentive for the company [1] Group 2 - The company will provide an operational team, technology, and funding, indicating a comprehensive approach to project execution [1] - The project will cover multiple districts in Xingtai, suggesting a broad geographical impact and potential for further business opportunities in the region [1]

Core Viewpoint - The company has won a bid for the kitchen waste and fecal harmless treatment project in Xingtai, which is expected to enhance its operational capabilities and market competitiveness [2][3]. Bid Situation - The company’s subsidiary, Shangaosifang Environmental Energy Group, has been awarded the management service project for kitchen waste and fecal harmless treatment in Xingtai, with the project owner being Guorun Environmental Technology Co., Ltd [2]. - The project involves a total processing capacity of 800 tons per day, including 300 tons of kitchen waste and 500 tons of fecal waste [2]. - The first phase of the project is designed to handle at least 450 tons per day, with 150 tons of kitchen waste and 300 tons of fecal waste [2]. Management Service Details - The service area covers the entire Xingtai Economic Development Zone and adjacent districts [3]. - The management service period is set for 8 years, with the possibility of extension under the same conditions [3]. - Revenue sharing for the company is calculated as 43.6% of the total income from waste disposal and resource products after deducting operational costs [3]. Impact on Company Operations - Winning this bid is expected to facilitate the company's expansion into light asset service operations and improve synergy with its subsidiary in Shijiazhuang [3]. - The project is anticipated to enhance the company's operational experience, improve financial performance, and strengthen its competitive position in the industry [3].

Core Viewpoint - The company, Shanggao Environmental Energy (000803.SZ), has won a bid for the kitchen waste and fecal harmless treatment project in Xingtai City, which is expected to enhance its service business and market competitiveness [1] Group 1: Project Details - The company's wholly-owned subsidiary, Shanggao Shifang Environmental Energy Group Co., Ltd., received the bid result for the resource utilization management service project for kitchen waste and fecal harmless treatment [1] - The project is commissioned by Xingtai Guorun Environmental Technology Co., Ltd. [1] Group 2: Financial Implications - Revenue sharing for the project is structured as follows: Company revenue = (kitchen waste disposal fee cash income + urban fecal disposal fee cash income + resource product cash income (including crude oil, animal protein, carbon source, etc.) - project operating costs) * 43.6% [1] Group 3: Strategic Benefits - This project is beneficial for the company's expansion in light-asset service business and is expected to create better synergy with its subsidiary in Shijiazhuang [1] - The project will help the company accumulate project experience, enhance operational performance, strengthen its main business advantages, and increase market competitiveness and industry influence [1]

Core Points - The company announced that its wholly-owned subsidiary, Shanggao Shifang Environmental Energy Group Co., Ltd., has won the bid for the Xingtai City kitchen waste and fecal harmless treatment project [1] - The project has a total processing capacity of 800 tons per day, which includes 300 tons per day for kitchen waste and 500 tons per day for fecal waste [1] - The first phase of the project is designed to handle no less than 450 tons per day, with 150 tons per day for kitchen waste and 300 tons per day for fecal waste [1] - The management service period for the project is set for 8 years, starting from the date of handover [1] - The company will closely monitor the progress of the project and fulfill its information disclosure obligations in a timely manner [1]

Core Viewpoint - The company has won a bid for a waste management project in Xingtai City, which is expected to generate significant revenue over an 8-year service period [1] Group 1: Project Details - The project involves the harmless treatment and resource utilization of kitchen waste and feces in Xingtai City, covering areas including Qiaodong District, Qiaoxi District, and the Xingtai Economic Development Zone [1] - The service period for the project is set for 8 years [1] Group 2: Revenue Generation - The company's revenue from the project will be calculated as follows: (kitchen waste disposal fee cash income + urban feces disposal fee cash income + cash income from resource products such as crude oil, animal protein, carbon source, etc. - project operating costs) * 43.60% [1]

证券代码：000803 证券简称：山高环能 公告编号：2025-063 山高环能集团股份有限公司 关于公司收到餐厨垃圾委托运营服务项目中标结果的公告 4、设计规模：总处理规模800吨/日，包括餐厨废弃物处理规模300吨/日，粪 污处理规模500吨/日；其中一期设计处理规模不低于450吨/日，包括餐厨废弃物 处理规模150吨/日，粪污处理规模300吨/日 5、服务模式：中标方提供专业运营团队、专利技术及资金，承担项目日常 运营、技改投资及风险，负责项目餐厨垃圾及城市粪污的收运及处置工作。国润 公司主要通过考核每月制定的运营计划与双方建立共管账户的方式行使监管职 责。 6、管理服务范围：邢台市桥东区（现襄都区）、桥西区(现信都区)、河北 邢台经济开发区全域。若服务期限内，项目特许经营范围、处置品类及规模扩展， 仍应由中标方继续管理服务。 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、中标情况 近日，山高环能集团股份有限公司（以下简称"公司"）的全资子公司山高 十方环保能源集团有限公司（以下简称"山高十方"）收到中标结果，中标邢台 市餐厨垃圾粪便无害化处理项目 ...

Core Viewpoint - The report highlights the successful completion of China's first ship-based green methanol refueling operation at Ningbo Zhoushan Port, marking a significant milestone in the development of green fuel capabilities in the region [3]. Market Review - In September, the CSI 300 Index rose by 3.20%, while the public utility index increased by 0.41% and the environmental index by 0.77%. The relative monthly returns for these indices were -2.80% and -2.43% respectively [2]. - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 13th and 11th in terms of growth. The environmental sector saw a 0.77% increase, while the electricity sector's thermal power rose by 2.34%, and hydropower fell by 3.08% [2]. Important Events - The successful refueling of the "COSCO Shipping Libra" with 230 tons of green methanol at Ningbo Zhoushan Port signifies the port's capability to handle LNG, biofuels, and methanol, enhancing its status as an international hub [3]. - This operation involved collaboration between China Ship Fuel, Zhejiang Port Group, and Ningbo Zhoushan Port Group, utilizing seven specialized methanol transport tankers and explosion-proof refueling equipment [3]. Investment Strategy - Public Utilities: Recommendations include Huadian International for thermal power, Longyuan Power and Three Gorges Energy for renewable energy, and China Nuclear Power for stable nuclear power operations [4][5]. - Environmental Sector: Focus on companies like China Everbright Environment and Zhongshan Public Utilities, as well as opportunities in the domestic waste oil recycling industry due to upcoming EU SAF policies [5].

证券研究报告 | 2025年10月08日 公用环保 2025 年 10 月投资策略 优于大市 中国船燃成功完成浙江省首单船用绿色甲醇加注业务，关注四季度聚 变装备招标需求释放 市场回顾：9 月沪深 300 指数上涨 3.20%，公用事业指数上涨 0.41%，环 保指数上涨 0.77%，月相对收益率分别为-2.80%和-2.43%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 13 和第 11 名。分板块 看，环保板块上涨 0.77%；电力板块子板块中，火电上涨 2.34%；水电 下跌 3.08%，新能源发电下跌 1.36%；水务板块上涨 1.27%；燃气板块上 涨 5.65%。 重要事件：中国船燃成功完成浙江省首单船用绿色甲醇加注业务。9 月 29 日，随着 7 台专业槽罐车通过防爆加注橇装设备将 230 吨绿色甲醇注 入停靠在宁波舟山港梅山港区 9 号泊位的"中远海运天秤座"轮，中国 船燃联合浙江省海港集团、宁波舟山港集团，在宁波梅山港区成功为"中 远海运天秤座"轮完成绿色甲醇加注，这标志着浙江省首单船用绿色甲 醇加注业务圆满落地。这一里程碑事件标志着宁波舟山港成为国内少数 同时具备 LNG ...