本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江盾安人工环境股份有限公司（以下简称"公司"）于 2025 年 7 月 28 日召开第九届董事会第二次会议，审议通过了《关于注销部分股票期权的议案》， 鉴于 2023 年限制性股票与股票期权激励计划首次授予的 2 名股票期权激励对象 已离职，不再具备激励对象资格，以及 19 名激励对象的个人年度考核系数未达 到 100%，该等激励对象第一个行权期已获授但尚未行权的股票期权中合计 371,134 份股票期权不得行权，由公司注销。详情参见公司于 2025 年 7 月 30 日 在巨潮资讯网（www.cninfo.com.cn）上披露的《关于注销 2023 年限制性股票与 股票期权激励计划部分股票期权的公告》及相关公告。 浙江盾安人工环境股份有限公司 关于 2023 年限制性股票与股票期权激励计划 部分股票期权注销完成的公告 证券代码：002011 证券简称：盾安环境 公告编号：2025-056 截至本公告披露日，经中国证券登记结算有限责任公司深圳分公司审核确认， 公司已完成上述 371,134 份股票期权的注销事宜 ...

Group 1 - The core point of the article is that Shun'an Environment has applied for an international patent for a "gas-liquid separator with multiple gas outlets," indicating a focus on innovation and technology development [1] - Shun'an Environment has filed a total of 52 international patent applications this year, representing a 67.74% increase compared to the same period last year [3] - In the first half of 2025, the company invested 245 million yuan in research and development, which is a year-on-year increase of 13.37% [3]

Market Overview - The home appliance parts sector experienced a decline of 3.73% on November 10, with Hanyu Group leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Notable gainers in the home appliance parts sector included: - Shunwei Co., Ltd. (002676) with a closing price of 8.80, up 4.64% on a trading volume of 443,400 shares and a turnover of 390 million [1] - Xing Shuai Er (002860) closed at 15.04, up 3.23% with a trading volume of 339,400 shares and a turnover of 507 million [1] - Major decliners included: - Hanyu Group (300403) with a closing price of 14.71, down 6.37% on a trading volume of 788,300 shares and a turnover of 1.17 billion [2] - Sanhua Intelligent Control (002050) closed at 45.51, down 6.01% with a trading volume of 2,528,700 shares and a turnover of 11.68 billion [2] Capital Flow - The home appliance parts sector saw a net outflow of 2.007 billion from institutional investors, while retail investors contributed a net inflow of 1.834 billion [2] - The capital flow for specific stocks showed: - Xing Shuai Er (002860) had a net inflow of 80.80 million from institutional investors, but a net outflow of 81.10 million from retail investors [3] - Shunwei Co., Ltd. (002676) experienced a net inflow of 43.47 million from institutional investors, with a net outflow of 41.08 million from retail investors [3]

Core Insights - The nuclear power sector is expected to experience significant growth, with global nuclear power generation reaching a near ten-year high in 2024 and projected to double by 2050, surpassing 900 million kilowatts in installed capacity [1] Industry Overview - Multiple international agencies have raised their nuclear energy development forecasts for four consecutive years, indicating strong future demand for nuclear power [1] - As of November 7, nuclear concept stocks have shown robust performance, with an average increase of 63.07% year-to-date, significantly outperforming the Shanghai Composite Index [1] Valuation Metrics - Among the nuclear concept stocks, 13 have a rolling price-to-earnings (P/E) ratio below 30, with companies like Huaneng International, Shun'an Environment, and Jiuli Special Materials having P/E ratios under 15 [1] - Five of these stocks have a price-to-book (P/B) ratio below 2, including China National Nuclear Power, China General Nuclear Power, Dongfang Electric, China Nuclear Engineering, and Huaneng International [1] Financial Performance - Specific financial metrics for selected low P/E nuclear concept stocks include: - Huaneng International: Market value of 90.73 billion, P/E of 8.89, and a projected net profit of 14.841 billion for the first three quarters of 2025, up 42.52% year-on-year [2] - Shun'an Environment: Market value of 1.4767 billion, P/E of 12.68, with a projected net profit of 769 million, up 18.46% year-on-year [2] - Jiuli Special Materials: Market value of 2.5533 billion, P/E of 14.96, with a projected net profit of 1.262 billion, up 20.73% year-on-year [2]

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly highlighting the resilience of the white goods sector and the potential for growth driven by policy changes and market dynamics [3][5]. Core Insights - The home appliance sector has shown stronger export performance compared to domestic sales, with various segments experiencing differing trends in sales and production [4][12]. - The report identifies three main investment themes: white goods, export-driven companies, and core components, recommending specific companies within these categories for investment [5][6]. Summary by Sections Industry Performance - In September 2025, the air conditioning sector saw a total production of 10.57 million units, a year-on-year decrease of 13.5%, while total sales were 10.88 million units, down 10.2%. Domestic sales were 5.95 million units, down 2.5%, and exports were 4.94 million units, down 18.1% [4][34]. - The refrigerator sector reported a production of 8.72 million units, a slight decrease of 0.5%, with total sales of 8.34 million units, a marginal increase of 0.12%. Domestic sales fell by 7.35% to 3.87 million units, while exports rose by 7.63% to 4.47 million units [4][41]. - The washing machine sector experienced a production increase of 10.4% to 9.05 million units, with total sales rising by 7.52% to 8.85 million units. Domestic sales decreased by 6.88% to 4.06 million units, while exports surged by 23.76% to 4.79 million units [4][43]. Investment Themes - The white goods sector is expected to benefit from a reversal in real estate policies, with characteristics such as low valuation, high dividends, and stable growth making it attractive for investment. The report suggests that the "trade-in" policy could act as a catalyst for growth [5][6]. - For export-driven companies, the report recommends firms like Ousheng Electric and Dechang Co., which are expected to see revenue growth from large customer orders and expanding automotive parts businesses [5][6]. - In the core components segment, companies like Huaxiang Co. and Shun'an Environment are highlighted for their competitive advantages and growth potential in the context of rising demand for key components in the white goods sector [5][6]. Market Dynamics - The report notes that the overall home appliance index underperformed compared to the CSI 300 index, with a decline of 0.5% in the home appliance sector index while the CSI 300 rose by 0.8% [5][7]. - The report emphasizes the importance of emerging markets in driving export growth, particularly in regions like Africa and South America, despite challenges such as tariffs and high inventory levels [5][12].

Core Viewpoint - The stock of Shun'an Environment has experienced fluctuations, with a current price of 13.51 CNY per share, reflecting a year-to-date increase of 24.98% but a recent decline over the past five and twenty trading days [1] Financial Performance - For the period from January to September 2025, Shun'an Environment reported a revenue of 9.723 billion CNY, representing a year-on-year growth of 4.15%, and a net profit attributable to shareholders of 769 million CNY, which is an 18.46% increase compared to the previous year [2] - The company has cumulatively distributed 739 million CNY in dividends since its A-share listing, with no dividends distributed in the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Shun'an Environment increased by 19.80% to 46,800, while the average number of tradable shares per person decreased by 16.53% to 19,644 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 19.6622 million shares, an increase of 6.7727 million shares from the previous period, while Southern CSI 1000 ETF reduced its holdings by 54,700 shares [3] Market Activity - On November 3, Shun'an Environment's stock saw a decline of 2.03%, with a trading volume of 187 million CNY and a turnover rate of 1.48%, leading to a total market capitalization of 14.394 billion CNY [1] - The net outflow of main funds was 25.1461 million CNY, with significant selling pressure observed in large orders [1]

Group 1 - A total of 87 stocks were newly covered by institutions this week, with 14 stocks receiving target prices [1] - Naxin Micro was rated "Accumulate" by Guoyuan Securities with a target price of 207 CNY, while its latest closing price was 172.06 CNY [1] - Tengjing Technology received a "Buy" rating from Guojin Securities with a target price of 146.9 CNY, compared to its latest closing price of 109.63 CNY [1] Group 2 - Other notable stocks include Kingsoft Office, Desay SV, Dazhu CNC, and Northern Rare Earth, which were also mentioned in the report [1] - The report includes a detailed table of stocks with their respective institutions, research dates, latest ratings, target prices, and latest closing prices [2] - For instance, Kexin New Source was rated "Buy" by Guotai Junan Securities with a target price of 66.86 CNY, while its latest closing price was 42.73 CNY [2]

Market Overview - The home appliance parts sector declined by 1.28% on October 31, with Kangsheng Co. leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the home appliance parts sector included: - Hongchang Technology (301008) with a closing price of 41.92, up 4.49% [1] - Zhucheng Technology (301280) at 54.92, up 4.47% [1] - Dingxing Update (603311) at 12.13, up 3.76% [1] - Major decliners included: - Kangxi Co. (002418) with a closing price of 4.75, down 8.48% [2] - Chunguang Technology (603657) at 32.85, down 3.30% [2] - Sanhua Intelligent Control (002050) at 49.93, down 2.52% [2] Trading Volume and Capital Flow - The home appliance parts sector experienced a net outflow of 1.233 billion yuan from institutional investors, while retail investors saw a net inflow of 942 million yuan [2] - The trading volume for the sector was significant, with Kangxi Co. recording a trading volume of 2.6518 million shares and a transaction value of 1.268 billion yuan [2] Capital Flow Analysis - Key stocks with significant capital flow included: - Huaxiang Co. (603112) with a net inflow of 45.8372 million yuan from institutional investors [3] - Zhucheng Technology (301280) with a net inflow of 21.4004 million yuan from institutional investors [3] - Longdi Group (603726) with a net inflow of 17.8122 million yuan from institutional investors [3]

Core Insights - The retail monitoring by AVC indicates a general decline in major appliances since September, with a significant drop in retail for cleaning appliances in October, although there is still substantial growth compared to the same period in 2023 [1][2] - The industry has anticipated these trends, as evidenced by production data showing a cautious attitude with air conditioning production down by -11.5%, -8.4%, and -9.9% for October, November, and December respectively compared to the previous year [1][2] - The demand for appliance upgrades is expected to be the main driver, with short-term impacts from subsidy exhaustion; however, the penetration rate of cleaning appliances continues to rise, suggesting growth potential in the retail market through 2026 [1][2] Market Trends - The consumer electronics market is highly competitive, with Xiaomi upgrading its air conditioning warranty to 10 years, which has helped maintain its retail market share despite negative publicity from its automotive ventures [3] - The smart lawn mower market is gaining attention, with multiple companies entering, leading to intense competition; major players in the vacuum market have also launched similar products [3] - DJI is aggressively pricing its action cameras and drones, likely in response to competition from other brands entering the drone market [3] Company Performance - Ugreen Technology has benefited from a surge in demand for power banks following safety incidents, reporting a revenue of 2.51 billion yuan in Q3 2025, a year-on-year increase of 60.4% [4] Export Market Dynamics - The export market is seeing a shift in production capacity, with a recovery in heat pump exports; the U.S. has announced additional tariffs on Chinese imports, prompting companies to accelerate global production strategies [5] - Data indicates a 22.5% year-on-year increase in heat pump exports from January to August 2025, driven by low comparative bases and upcoming heating seasons in Europe [5] Investment Recommendations - The current market is active, with traditional appliance leaders lacking growth potential; technology-related companies are performing better [6] - Recommended stocks include Stone Technology, Ecovacs, and Ugreen Technology for their growth prospects, alongside undervalued companies like Midea Group and Haier Smart Home that have successfully digitized their offline channels [6]

Core Viewpoint - The stock of Shun'an Environment has experienced fluctuations, with a current price of 13.97 yuan per share, reflecting a year-to-date increase of 29.23% and a recent decline over the past 20 days [1][2]. Financial Performance - For the period from January to September 2025, Shun'an Environment reported a revenue of 9.723 billion yuan, representing a year-on-year growth of 4.15%. The net profit attributable to shareholders was 769 million yuan, showing an increase of 18.46% compared to the previous year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Shun'an Environment reached 46,800, an increase of 19.80% from the previous period. The average number of circulating shares per shareholder decreased by 16.53% to 19,644 shares [2]. Dividend Distribution - Since its A-share listing, Shun'an Environment has distributed a total of 739 million yuan in dividends. However, there have been no dividend distributions in the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 19.6622 million shares, an increase of 6.7727 million shares from the previous period. The Southern CSI 1000 ETF has reduced its holdings by 54,700 shares, now holding 5.8431 million shares [3].