| | | 广东长青（集团）股份有限公司 关于提前赎回"长集转债"的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、"长集转债"赎回价格：101.151元/张（含当期应计利息，当期年利率为2%， 且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公 司（以下简称"中登公司"）核准的价格为准。 2、赎回条件满足日：2025年10月13日 3、"长集转债"停止交易日：2025年10月30日 4、"长集转债"赎回登记日：2025年11月3日 5、"长集转债"停止转股日：2025年11月4日 6、"长集转债"赎回日：2025年11月4日 7、赎回资金到账日（到达中登公司账户）：2025年11月7日 8、投资者赎回款到账日：2025年11月11日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z长转债 11、根据安排，截至11月3日收市后仍未转股的"长集转债"将被强制赎回。本 次赎回完成后，"长集转债"将在深圳证券交易所摘牌，特提醒"长集转债"债券 持有人注意在限期内转股。债券持有人持有的"长集转债"如存在被质押或被冻 ...

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].

Investment Rating - The report maintains a "Positive" investment rating for the environmental industry [13] Core Insights - Since 2024, China has accelerated the establishment of a national carbon market regulatory framework, with significant progress in the CCER (China Certified Emission Reduction) methodology since October 2023. As of September 2025, the cumulative transaction volume of CCER is approximately 2.43 billion yuan, with an average transaction price of 86.41 yuan per ton [2][6][8] Summary by Sections Carbon Emission Control System - The carbon emission control system is gradually improving, with a unified national carbon market being constructed. The market includes both the national carbon quota trading market (CEA) and the voluntary greenhouse gas emission reduction trading market (CCER), which operate independently but are interconnected through a quota offset mechanism [6][19][21] CCER Methodology Expansion - The CCER methodology has been continuously expanded, with four batches of methodologies released since October 2023. The first batch includes forestry carbon sinks and offshore wind power, while subsequent batches cover various energy-saving and emission reduction projects. As of September 2025, 29 voluntary emission reduction projects have been registered, with an expected annual reduction of 10.438 million tons [7][26][27] CCER Market Performance - The average transaction price of CCER is currently higher than that of CEA, reflecting a temporary supply-demand imbalance due to strict project approvals and limited issuance. The report anticipates that as the issuance of CCER increases and market mechanisms mature, prices will gradually return to a reasonable relationship. The average transaction price of CCER from January to September 2025 is 86.41 yuan per ton, while CEA's average is 69.29 yuan per ton [8][34] Benefits of Agricultural and Forestry Biomass Projects - The report highlights the potential benefits of agricultural and forestry biomass projects under the CCER framework. For instance, assuming a CCER price of 80 yuan per ton, companies like Changqing Group and China Everbright Green Environmental Protection could see significant revenue contributions from CCER sales, amounting to 139 million yuan and 384 million HKD, respectively [9][44][45] Investment Logic for CCER - The investment logic for CCER emphasizes the importance of additionality in projects, focusing on profitability compensation rather than mere emission reduction. Key areas of interest include carbon monitoring equipment and consulting services, as well as the acceleration of related industries such as biomass power generation and hydrogen energy [10][49]

| 证券代码：002616 | 证券简称：长青集团 | 公告编号：2025-047 | | --- | --- | --- | | 债券代码：128105 | 债券简称：长集转债 | | 广东长青（集团）股份有限公司 关于 2025 年三季度可转债转股结果暨股本变动公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 可转债转股情况：公司发行的"长集转债"自 2020 年 10 月 15 日起可转换 为本公司股份。截至 2025 年 9 月 30 日，累计已有人民币 55,449,800.00 元"长 集转债"转为公司 A 股普通股，累计转股股数为 10,663,097 股，占"长集转债" 转股前公司已发行普通股股份总额的 1.4373%。其中 2025 年 7 月 1 日到 2025 年 9 月 30 日期间，共有 54,507,700.00 元"长集转债"已转换成公司股票，转股数 为 10,522,130 股。 未转股可转债情况：截至 2025 年 9 月 30 日，尚未转股的"长集转债"金额 为人民币 550,480,800.00 元，占"长 ...

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 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002616 证券简称：长青集团 公告编号：2025-046 近日，因公司可转换公司债券"长集转债"转股导致总股本增加，公司控股股东、实际控制人何启强先 生、麦正辉先生及其一致行动人中山市长青新产业有限公司、郭妙波女士、何启扬先生在持股数量不变 的情况下，合计权益比例被动稀释。 现将本次权益变动情况公告如下： 债券代码：128105 债券简称：长集转债 广东长青（集团）股份有限公司 关于控股股东、实际控制人及其一致行动人持股 比例被动稀释触及1%整数倍的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 1、本次权益变动主要系广东长青（集团）股份有限公司（以下简称"公司"）可转换公司债券"长集转 债"转股导致总股本增加，公司控股股东、实际控制人何启强先生、麦正辉先生及其一致行动人中山市 长青新产业有限公司、郭妙波女士、何启扬先生合计持有公司股份被动稀释触及1%整数倍，不涉及持 股数量发生变化。 2、本次权益变动不涉及股东股份增持或减持，不触及要约收购，不会导致公司控制权发生变更，不会 影 ...

特别提示： | 证券代码：002616 | 证券简称：长青集团 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：128105 | 债券简称：长集转债 | | 广东长青（集团）股份有限公司 关于控股股东、实际控制人及其一致行动人持股比例被动稀释触及 1%整数倍的公 告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 1、本次权益变动主要系广东长青（集团）股份有限公司（以下简称"公司"） 可转换公司债券"长集转债"转股导致总股本增加，公司控股股东、实际控制人何 启强先生、麦正辉先生及其一致行动人中山市长青新产业有限公司、郭妙波女士、 何启扬先生合计持有公司股份被动稀释触及 1%整数倍，不涉及持股数量发生变化。 2、本次权益变动不涉及股东股份增持或减持，不触及要约收购，不会导致公司 控制权发生变更，不会影响公司治理结构和持续经营。 现将本次权益变动情况公告如下： 1、本次权益变动前数据按 2025 年 9 月 25 日总股本 746,374,717 股计算；本 次权益变动后数据按 2025 年 9 月 26 日总股本 748 ...

Core Viewpoint - Changqing Group plans to invest 571 million yuan in the Maoming Changqing cogeneration project phase II and supporting pipeline engineering to meet the steam demand of Sinopec Maoming's expansion and its downstream industries [1][2] Investment Details - The investment for the cogeneration project phase II is approximately 200 million yuan, while the supporting pipeline engineering investment is about 371 million yuan [1] - The total investment of 571 million yuan for the phase II project has a significant portion (65%) allocated to pipeline engineering, reflecting the company's "light asset" operational strategy [2] Strategic Importance - The Maoming project is a key move for the company’s strategy of expanding non-electric income and transitioning to a light asset model, showcasing greater development potential compared to the Mancheng project [1][2] - The project is positioned in a leading integrated refining and chemical industry base, enhancing the company's competitive edge [2] Customer Diversification - The Mancheng project serves 65 paper enterprises with an annual steam consumption of approximately 4 million tons, and the company is actively diversifying its customer base beyond the paper industry [1] - The Maoming project aims to attract high-quality clients, including major enterprises like Maoming Petrochemical and BASF, further enhancing its customer diversity [1][2] Future Growth Potential - The construction of the Maoming project is expected to become a profit growth driver for the company's energy service segment, especially with the capacity release from leading enterprises [3] - The project is anticipated to serve as a replicable benchmark for expanding energy services in more national-level industrial parks [3]