在人工智能驱动的数据中心建设提速的背景下，全社会电力消费需求有望进一步攀升；同时，人工智能 赋能传统产业转型升级、推动产业复苏的过程也将进一步释放新增用能需求。在此背景下，"十五五"规 划建议首次明确提出能源强国建设目标，对"十五五"时期全国能源安全保障能力建设提出更高要求与系 统性部署。 作为国内头部生活垃圾焚烧发电企业，截至2025年上半年，旺能环境的项目布局已覆盖国内浙江、湖 北、四川、河南、安徽、广东等9个省份及越南太平省，累计投建生活垃圾焚烧发电项目处理规模达 23170吨/日；其中已建成并正式运营的项目共21座32期，处理规模达21820吨/日，另有安吉改扩建项目 (750吨/日)、越南太平省项目(600吨/日)处于筹建阶段，凭借规模化的电力供应能力，旺能环境将有望在 人工智能时代充分承接能源保障的顶层需求。 除绿电直供数据中心外，旺能环境亦深度受益于AI技术发展带来的产业升级，公司积极推动垃圾焚烧 电厂与AI技术的融合应用，携手阿里云工业大脑打造智能化生产体系。公司依托人工智能算法与大数 据预测分析，实现生活垃圾向绿电的高效转化，同时借助AI技术进一步降低二次污染、提升设备运行 稳定性及生活垃圾 ...

Group 1 - The event "Digital Intelligence Empowering Ecology 'Supply' Sharing New Future" was held in Chongming, Shanghai, focusing on regional development and capital market empowerment for the real economy [1][2] - Key stakeholders, including government officials and representatives from listed companies, participated in discussions on regional development, policy support, and innovative investment relations management [1] - The "Top 100 Secretaries" award ceremony recognized 200 outstanding secretaries and 10 excellent secretary teams, highlighting the importance of the capital market and the role of secretaries [1] Group 2 - A sub-forum on equity mergers and acquisitions provided a platform for companies to showcase their core advantages and link industry resources [2] - Several listed companies, including Huayou Cobalt and Dongxin Technology, participated in a roadshow, attracting over a hundred institutional professionals to facilitate efficient connections between listed companies and capital [2] - The event was co-hosted by Shenzhen Yao Research Technology Co., Chongming District Supply and Marketing Cooperative, and Shanghai Dongtan Construction Group, with support from Suzhou Investment Relations Technology Co. [2]

Investment Rating - The report maintains a rating of "Buy" for the environmental protection industry [1] Core Insights - The environmental protection industry, particularly in waste incineration, is poised for significant growth, especially in overseas markets such as Southeast Asia and Central Asia, driven by high processing fees and electricity prices [5][10] - The investment potential in the ASEAN countries and India for waste incineration is estimated at approximately 250 billion RMB, with a daily waste incineration capacity increase of about 500,000 tons [5][11] - The profitability of overseas projects, particularly in Indonesia, is enhanced by favorable policies and high revenue from electricity sales, with projected single-ton income significantly higher than domestic projects [19][20] Summary by Sections 1. Waste Incineration Growth and Overseas Market Potential - The ASEAN countries and India are expected to generate a daily waste production of 1.46 million tons by 2024, with a potential waste incineration market space of 248.5 billion RMB if the incineration penetration rate reaches 50% [5][11] - Several domestic waste incineration companies, such as Kangheng Environment and China Tianying, are expanding their operations in Southeast Asia and Central Asia, with significant project footprints established [15][16] 2. Indonesian Policy Driving Business Model Optimization - Indonesia's recent policy changes have shifted the revenue model from local government subsidies to direct agreements with the national electricity company, significantly increasing the electricity price to 0.20 USD per kWh [24][25] - The government plans to construct 33 waste incineration plants nationwide, with a total investment of approximately 5.6 billion USD, indicating a strong commitment to developing the waste-to-energy sector [24][25] 3. Economic Assessment of Indonesian Waste Incineration Projects - Economic assessments show that the single-ton income from Indonesian projects can reach 582 RMB, significantly higher than domestic projects, driven by high processing fees and electricity prices [19][20][31] - The report highlights the sensitivity of project profitability to cost management, with potential increases in return on equity (ROE) if investment and operational costs are optimized [27][28]

Investment Rating - The report maintains a "Buy" rating for several companies in the environmental sector, including Huanlan Environment, Sanfeng Environment, and others, indicating a positive outlook for their stock performance [5]. Core Insights - The environmental industry is entering a critical phase of carbon reduction, with a focus on recycling and waste incineration. The demand for green energy and recycling industries is expected to rise significantly as China transitions to a dual control system for carbon emissions starting in 2026 [4][17]. - The introduction of the EU carbon tariff in 2026 is anticipated to increase the cost of exports from China, prompting companies to adopt greener practices to mitigate carbon emissions [4][17]. - High dividend assets in the environmental sector are expected to remain attractive in 2026, with companies like Guangda Environment and Huanlan Environment showing significant stock price increases in 2025 [4][5]. - The bio-diesel sector is experiencing a rise in UCO prices, which are expected to benefit companies involved in waste oil processing and bio-fuel production [19][25]. Summary by Sections Section 1: Market Performance - The environmental sector has shown strong performance in 2026, with water treatment, energy-saving, and recycling sectors leading the gains. Companies are diversifying into secondary businesses to enhance growth [11][14]. Section 2: Policy and Regulatory Developments - The report highlights the implementation of the "Solid Waste Comprehensive Governance Action Plan" aimed at reducing industrial solid waste and enhancing recycling efforts [33]. - The introduction of the carbon trading market and the EU carbon tariff are significant regulatory changes that will impact the industry [17][31]. Section 3: Company Performance and Recommendations - Key companies recommended for investment include Huanlan Environment, Shanghai Industrial Holdings, and others, which are expected to benefit from favorable market conditions and policy support [4][5]. - The report notes that the environmental sector's valuation is currently at a historical low, suggesting potential for future growth [45][52]. Section 4: Financial Analysis - The financial metrics for key companies indicate a positive outlook, with projected earnings per share (EPS) and price-to-earnings (PE) ratios suggesting undervaluation relative to historical performance [5]. Section 5: Market Trends - The report tracks the performance of various sub-sectors within the environmental industry, noting that energy-saving manufacturing and recycling have shown the most significant growth [49]. Section 6: Export and Pricing Trends - UCO prices have remained strong, with recent data showing a 6.1% increase compared to early 2025, indicating robust demand for bio-diesel feedstock [19][23]. Section 7: Carbon Market Activity - The carbon market has seen significant trading volumes, with recent data indicating a closing price of 78.50 CNY per ton, reflecting ongoing market activity and interest [31]. Section 8: Company Announcements - Recent announcements from companies like Dongjiang Environmental and Zhongyuan Environmental indicate strategic acquisitions aimed at enhancing operational capabilities and market positioning [42].

Group 1 - The core point of the article is that Wangneng Environment has disclosed that as of December 31, 2025, the number of its shareholders will be 16,482 [2]

Core Insights - The State Council has issued the "Comprehensive Solid Waste Management Action Plan," which emphasizes the need for localized waste management solutions and the construction of waste incineration facilities, aiming to phase out landfills by 2027 [1] - Under this policy, the demand for incineration facilities and the need for alternatives to closed landfills will continue to grow, supporting the expansion and capacity utilization of Wangneng Environment's incineration projects [1] Company Strategy - Wangneng Environment adopts a "point-to-surface" expansion strategy, establishing a strong business foundation in economically developed and densely populated Zhejiang Province, while also expanding its operations nationwide to provinces such as Hubei, Guangdong, Anhui, Henan, and Sichuan [2] - The company is transitioning from waste incineration to a comprehensive environmental energy station model, integrating various waste treatment processes to enhance operational efficiency and maximize resource recovery [2] Technological and Operational Advancements - Wangneng Environment has developed mature technologies for fly ash disposal and has extensive operational experience that aligns with policy requirements for waste reduction, harmlessness, and resource utilization [3] - The company is extending its waste treatment value chain by focusing on resource recovery from slag, fly ash, and plastics, thereby increasing collaborative benefits through diversified business combinations [3] Project Developments - In the kitchen waste treatment sector, Wangneng Environment has established projects across six provinces, with a total designed processing capacity of 3,720 tons per day, including operational projects and those under construction [4] - The "Comprehensive Solid Waste Management Action Plan" aims to build a complete waste management system by 2030, aligning with Wangneng Environment's long-term strategy towards becoming a comprehensive environmental energy station [4] Financial and Policy Support - The plan includes measures to support solid waste management projects through various funding sources and encourages green finance, which will benefit Wangneng Environment's core businesses in waste treatment and resource utilization [4]

旺能环境股份有限公司 2025 年第四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 2025 年第四季度可转换公司债券（以下简称"可转债"）转股及公司股份变动情况公告 如下： | 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2026-02 | | --- | --- | --- | | 债券代 ...

Meeting Overview - The third temporary shareholders' meeting of Wangneng Environment Co., Ltd. was held on December 31, 2025, with a half-day duration [2][3] - The meeting combined on-site voting and online voting, with the on-site meeting held at a specified location in Huzhou, Zhejiang Province [3] Attendance - A total of 72 shareholders and their proxies attended the meeting, representing 153,514,530 shares with voting rights, which is 36.2031% of the total shares [4] - Among them, 6 attended the on-site meeting, representing 151,462,284 shares (35.7191%), while 66 participated via online voting, representing 2,052,246 shares (0.4840%) [4][6] Small Shareholders - 66 small shareholders attended the meeting through online voting, representing 2,052,246 shares (0.4840%) [6] - No small shareholders attended the on-site meeting [6] Proposal Voting Results - The proposal to provide a guarantee limit for a joint bidding was approved with 153,202,450 votes in favor, accounting for 99.7967% of the valid votes [7] - Small shareholders voted 1,740,166 shares in favor, representing 84.7932% of the small shareholders' valid votes [7] Legal Opinion - The meeting was witnessed by lawyers from Guohao Law Firm, confirming that the meeting's procedures complied with relevant laws and regulations [9]

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2026-01 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 2、本次股东会没有涉及变更以往股东会已通过的决议。 旺能环境股份有限公司 2025年第三次临时股东会决议公告 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： 1、本次股东会没有出现否决议案的情形。 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：2025 年 12 月 31 日（星期三）下午 14：45，会期半天。 网络投票时间：2025 年 12 月 31 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 2025 年 12 月 31 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 2025 年 12 月 31 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 ...

国浩律师（杭州）事务所 关 于 旺能环境股份有限公司 2025 年第三次临时股东会的 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 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 国浩律师（杭州）事务所 关 于 旺能环境股份有限公司 2025 年第三次临时股东会的 法律意见书 致：旺能环境股份有限公司 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二零二五年十二月 国浩律师（杭州）事务所 法律意见书 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 2025 年第三次临时股东会（以下 简称"本次股东会"），并依据《中华人民 ...