| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2026-12 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 2026 年第一季度可转换公司债券转股情况公告 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。 特别提示： | 证券代码：002034 | | | | | | | | 证券简称：旺能环境 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：128141 | | | | | | | | 债券简称：旺能转债 | | 转股价格：人民币 | | 13.98 | 元/股 | | | | | | | 转股期限：2021 | 年 | 6 月 | 23 日至 | 2026 | 年 | 12 | 月 | 16 日 | 根据《深圳证券交易所股票上市规则》、《深圳证券交易所可转换公司债券业 务实施细则》等有关规定，旺能环境股份有限公司（以下简称"公司"）现将 2026 年第一季度可转换公司债券（以下简 ...

Investment Rating - The report maintains a "Buy" rating for the following companies: Harbin Electric, Sanfeng Environment, Wangneng Environment, and Weiming Environmental [7][9]. Core Insights - Indonesia's electricity supply appears sufficient, but there is a structural electricity shortage due to inadequate grid coverage, leading to regional electricity deficits [4][12]. - Future increases in electricity prices in Indonesia are expected to be driven by adjustments in the energy structure, which will raise generation and operational costs, rather than an apparent electricity shortage [4][12]. - The report highlights the importance of coal as a strategic resource, with a projected increase in coal demand to 1.2 billion tons per year by 2035, driven by domestic needs and metal smelting industries [3][12]. Summary by Sections Investment Overview - The report identifies a need for an average of 3 GW of new coal power installations annually from 2025 to 2035 to ensure electricity supply security, despite the government's restrictions on new coal power plants [12][45]. - The energy transition in Indonesia will require a dual approach of increasing both coal and renewable energy installations to meet industrial electricity demands [12][45]. Demand Side - High-energy-consuming industries are driving electricity demand and GDP growth in Indonesia, with industrial electricity consumption expected to grow by over 10% annually from 2021 to 2024 [17][24]. Supply Side - The rapid growth of self-built power plants (IUPTLS) indicates the inadequacy of PLN's grid coverage, with self-built coal power capacity increasing by 168% from 2021 to 2023 [14][38]. - The report notes that despite a high reserve margin, regional disparities in electricity supply persist, particularly in industrial areas [24][38]. Energy Transition - The report emphasizes that coal remains an indispensable part of Indonesia's energy transition, with plans to add 39.1 GW of renewable energy capacity from 2025 to 2035, while still requiring significant coal power additions [45][59]. - The conflict between economic growth targets and carbon neutrality goals is highlighted, with the need for affordable base-load electricity from coal conflicting with the push for renewable energy [46][48]. Recommendations - The report recommends companies that are likely to benefit from the growing demand for electricity equipment and waste-to-energy projects in Indonesia, including Harbin Electric and Weiming Environmental [5][12].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The environmental protection industry is experiencing significant growth, with companies like Longjing Environmental and Guangda Environment showing substantial increases in revenue and profit [1][6]. - The report emphasizes the importance of cash flow and green value in the waste-to-energy sector, highlighting the potential for growth in overseas markets [1][6]. - The report outlines a strategic focus on energy-saving equipment and industrial green transformation, driven by government policies and market dynamics [9][10]. Industry Trends - The report notes a 34% increase in Longjing Environmental's profit, with a revenue of 11.1 billion yuan, reflecting a strong performance despite impairment losses [1][6]. - Guangda Environment's revenue structure is shifting, with operational income increasing to 72% of total revenue, while construction income has decreased significantly [1][6]. - The report highlights the rising prices of biofuels, particularly bio-jet fuel, which has seen a 24.4% increase in Europe and a 4.7% increase in China [19][20]. Company Performance - Longjing Environmental's revenue for 2025 is reported at 11.9 billion yuan, a 43% increase after accounting for impairment [1][6]. - Guangda Environment's financial expenses have decreased, contributing to a net profit increase of 16% [1][6]. - The report recommends several companies for investment, including Longjing Environmental, Guangda Environment, and others, based on their growth potential and market positioning [1][6]. Policy Tracking - The report discusses the "High-Quality Development Implementation Plan for Energy-Saving Equipment," which focuses on six key types of energy-saving equipment to support industrial green transformation [9][10]. - It emphasizes the need for optimizing energy systems and integrating artificial intelligence into energy-saving equipment to enhance efficiency and reduce carbon emissions [9][10]. Market Dynamics - The report indicates a significant increase in the sales of new energy sanitation vehicles, with a 70.9% year-on-year growth, reflecting a growing trend towards electrification in the sanitation sector [34][42]. - The report also notes a decline in lithium and cobalt prices, impacting profitability in the lithium battery recycling sector [48][49].

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2026-11 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 关于公司大股东股份解除质押的公告 本公司及董事会全体成员保证公告内容真实、准确、完整，不存在虚假记载、误导性 陈述或重大遗漏。 旺能环境股份有限公司（以下简称"公司"）于 2026 年 3 月 23 日接到公 司大股东美欣达集团有限公司（以下简称"美欣达集团"）的函告，获悉其在华 夏银行股份有限公司湖州分行质押的本公司部分股份已解除质押，具体内容如下： 二、股东股份累计质押基本情况 截至本公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | | 持股比 | 累计质押/ | 占其所持 | 占公司总 | （解除质押适用） | | （解除质押适用） | | | 称 | 持股数量 | 例 | 冻结 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights a dual benefit for the waste incineration industry, characterized by "performance growth + valuation enhancement" driven by the recovery of slag metals, green steam, and collaborative electricity generation [5] - The report emphasizes the significant potential for profit elasticity in the waste incineration sector, with an average profit elasticity of 44% for 12 listed waste incineration companies under specific conditions [5] - The report suggests that the waste incineration industry is entering a new phase of "resource value realization + market price increase" [5] Summary by Sections 1. Slag Resource Utilization: Driven by Metal Price Increases, Performance Elasticity Released - The report states that the slag generated from waste incineration has high resource utilization value, with a slag yield rate of approximately 20-25% from 1 ton of waste [14] - The economic value of recoverable metals in 1 ton of slag is estimated to exceed 550 CNY, with significant contributions from gold, silver, copper, iron, and aluminum [21][20] - The pricing mechanism for slag is evolving from a cost item to a resource asset, with market-driven pricing becoming more prevalent [15][19] 2. Steam Heating: Green Energy with Carbon Reduction and Cost-Effectiveness - The report notes that the steam heating capacity of waste incineration companies has been rapidly increasing, with some companies experiencing a compound annual growth rate of 59% in steam heating volume [31] - The profitability of steam sales is significantly higher than that of electricity sales, with direct steam sales yielding approximately 400 CNY per ton compared to 220 CNY per ton for electricity [38] - The report indicates that the current steam heating ratio is still low, suggesting substantial potential for future growth [34] 3. Collaborative Electricity Generation: High-Quality HOLA Assets, Ongoing Valuation Reconstruction - The report highlights that the integration of electricity generation with waste incineration is gaining strategic importance, particularly in the context of the AI era and the increasing demand for stable, low-cost green electricity [5] - The collaborative electricity generation projects are expected to enhance the performance stability and dividend potential of companies in the waste incineration sector [5] 4. Recommendations for Attention: Companies to Watch - The report recommends focusing on companies such as Wangneng Environment, China Everbright Environment, and Junxin Co., which are expected to benefit from performance growth and high dividends [5] - Specific insights into companies include: - Wangneng Environment: Positive cash flow and ongoing integration of electricity generation and heating [5] - Junxin Co.: High growth in performance and dividends, with expectations for overseas expansion [5] - Huanlan Environment: Significant increase in operating cash flow and steam heating exceeding expectations [5]

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。 特别提示： 1、本次股东会没有出现否决议案的情形。 | 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2026-10 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 2026年第一次临时股东会决议公告 2、本次股东会没有涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： 现场会议时间：2026 年 3 月 20 日（星期五）下午 14：45，会期半天。 网络投票时间：2026 年 3 月 20 日。其中：通过深圳证券交易所交易系统进行网 络投票的具体时间为 2026 年 3 月 20 日上午 9:15-9:25，9:30-11:30，下午 13:00 -15:00；通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2026 年 3 月 20 日 9:15-15:00 的任意时间。 2、现场会议召开地点：浙江省湖州市吴兴区龙溪街道环山路 899 号 F 座三楼会 议室 ...

国浩律师（杭州）事务所 关 于 旺能环境股份有限公司 2026 年第一次临时股东会的 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二零二六年三月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 关 于 旺能环境股份有限公司 2026 年第一次临时股东会的 法律意见书 致：旺能环境股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受旺能环境股份有限公司 （以下简称"公司"）委托，指派律师出席公司 2026 年第一次临时股东会（以下 简称"本次股东会"），并依据《中华人民共 ...

Investment Rating - The report assigns an "Overweight" rating for the industry [2] Core Insights - The Ecological Environment Code, as the second codified legislation following the Civil Code, marks a new phase in China's ecological environment governance. It was passed on March 12, 2026, and will take effect on August 15, 2026. The code consists of 5 parts and 1242 articles, replacing 10 existing laws [4][5][7]. - The code aims to consolidate various existing regulations into a unified framework, reducing implementation costs and enhancing the predictability of law enforcement and governance capabilities. It emphasizes "moderate codification" to integrate existing environmental laws and improve rule consistency and enforcement coordination [7]. - Key changes include the establishment of a comprehensive framework covering general principles, pollution prevention, ecological protection, green low-carbon development, and legal responsibilities. The code highlights the importance of green transformation and climate change response [7]. Summary by Sections Legislative Framework - The Ecological Environment Code integrates existing environmental regulations, aiming to reduce fragmentation and improve governance efficiency [7]. - The code's structure includes provisions for planning, monitoring standards, environmental assessments, information disclosure, and emergency responses, facilitating standardized and data-driven regulation [7]. Industry Impact - Short-term adjustments will focus on compliance standards and institutional transitions, while medium-term implications include increased penalties for environmental damages and enhanced accountability mechanisms [7]. - The importance of compliance in environmental operations for enterprises is expected to rise significantly [7]. Investment Recommendations - The report suggests investment opportunities in various sectors: - Environmental Monitoring: Recommended companies include Xuedilong, with others like ZhuanGuang Technology and XianHe Environmental [7]. - Solid Waste Management: Recommended companies include Hanlan Environment, Guangda Environment, and others [7]. - Water and Water Environment: Recommended companies include Yuehai Investment and Beikong Water Group [7]. - Air Quality: Recommended companies include Longjing Environmental and Zhongzi Technology [7]. - Renewable Resources: Recommended companies include Gaon Environment and Huahong Technology [7]. - Hydrogen and Green Fuels: Recommended companies include China Tianying and Zhuoyue New Energy [7].

Investment Rating - The report maintains a rating of "Add" for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies such as Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for solid waste management overseas [16][17]. - The report highlights the growth potential in the environmental protection sector driven by policy support and economic validation, particularly in areas like waste incineration and electric sanitation vehicles [25][30]. Summary by Sections Government Policy Insights - The 2026 government work report outlines a shift from energy consumption control to carbon emission control, with specific targets for reducing carbon emissions per unit of GDP [9][10]. - The report also introduces a national low-carbon transition fund to foster new growth points in hydrogen and green fuels, marking a significant policy shift [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16][17]. - Wangneng Environmental has also secured a similar project in Indonesia, indicating a growing trend of Chinese companies expanding into international waste management markets [18][19]. Industry Trends - The report notes a significant increase in the sales of electric sanitation vehicles, with a year-on-year growth of 70.9% and a penetration rate of 21.11% in 2025 [30][31]. - The prices of biofuels, including biojet fuel and biodiesel, have remained stable, indicating a steady market environment for these products [41][42]. Investment Recommendations - The report recommends focusing on companies with strong growth potential in the environmental sector, such as Longjing Environmental, Green Power, and others involved in waste management and renewable energy [25][26].

Investment Rating - The report maintains a "Buy" rating for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies like Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for Chinese firms in the overseas waste management market [16][17]. - The report highlights the increasing demand for low-emission transformations in key industries such as cement and coking, with specific targets set for 2026 [21][22]. Summary by Sections Government Policy and Industry Trends - The government aims to transition from energy consumption control to carbon emission control, with a target of reducing carbon emissions per unit of GDP by 3.8% in 2026 [9]. - The establishment of a national low-carbon transition fund is intended to foster new growth points in hydrogen and green fuels, with green fuels being included in the government work report for the first time [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16]. - Wangneng Environment has also secured a similar project in Indonesia, indicating a robust market potential for waste-to-energy solutions in the region [17][18]. Market Performance and Recommendations - The report recommends focusing on companies such as Longjing Environmental, High Energy Environment, and Saince, which are expected to benefit from the ongoing green transformation and policy support [4]. - The environmental sanitation equipment sector is projected to see significant growth, with a 70.9% increase in sales of new energy sanitation vehicles in 2025 [30][31]. Biofuels and Recycling - Biofuel prices remain stable, with European biojet fuel averaging $2250 per ton and Chinese biojet fuel at $2150 per ton [41]. - The report notes a decrease in lithium and cobalt prices, which may enhance profitability in the lithium battery recycling sector [42].