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].

Core Insights - The report maintains an "Outperform" rating for the public utilities and environmental sectors, highlighting the successful completion of China's first ship-based green methanol refueling operation in Zhejiang Province and the anticipated demand for fusion equipment in Q4 [1][2][3] Market Review - In September, the CSI 300 index rose by 3.20%, while the public utilities index increased by 0.41% and the environmental index by 0.77%. The relative performance of public utilities and environmental sectors ranked 13th and 11th among 31 first-level industry classifications [1][13][23] - The environmental sector saw a 0.77% increase, with the power sector's thermal power rising by 2.34%, while hydropower and new energy generation fell by 3.08% and 1.36%, respectively. The water sector increased by 1.27%, and the gas sector rose by 5.65% [1][26][32] Important Events - China Ship Fuel successfully completed the first ship-based green methanol refueling operation in Zhejiang Province, marking a significant milestone for the Ningbo-Zhoushan Port as a hub for LNG, biofuels, and methanol refueling capabilities [2][14] - The BEST fusion energy project achieved a key milestone with the successful installation of its first critical component, the Dewar base, indicating progress in the construction of fusion devices in China [3][15][16] Sector Analysis Public Utilities - Coal and electricity prices are declining simultaneously, allowing thermal power profitability to remain reasonable. Recommendations include major thermal power companies such as Huadian International and Shanghai Electric [4][21] - Continuous government support for renewable energy development is expected to stabilize profitability in the sector, with recommendations for leading companies like Longyuan Power and Three Gorges Energy [4][21] - Nuclear power companies are expected to maintain stable profitability due to growth in installed capacity and generation, with recommendations for China National Nuclear Power and China General Nuclear Power [4][21] Environmental Sector - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow. Recommendations include companies like China Everbright Environment and Zhongshan Public Utilities [22] - The domestic scientific instrument market, valued at over $9 billion, presents substantial opportunities for domestic replacements, with recommendations for companies like Focused Photonics [22] - The EU's SAF blending policy is expected to increase demand for raw materials, benefiting the domestic waste oil recycling industry, with recommendations for companies like Shanggou Environmental Energy [22] Investment Strategy - The report emphasizes the importance of integrating renewable energy with smart energy management, recommending investments across the renewable energy supply chain and companies involved in comprehensive energy management [21][22]

Core Points - The announcement pertains to the passive dilution of shareholding percentages of the controlling shareholders of Guangdong Changqing (Group) Co., Ltd. due to the conversion of convertible bonds, specifically "Changji Convertible Bonds" [2][5] - The total share capital of the company increased from 746,374,717 shares to 748,812,942 shares as a result of this conversion [3] - The controlling shareholders, including He Qiqiang, Mai Zhenghui, and their concerted parties, did not change their actual shareholding numbers, but their combined equity ratio was diluted to touch the 1% integer multiple [2][3] Summary of Changes - The equity change does not involve any increase or decrease in the number of shares held by the shareholders, nor does it trigger a mandatory bid or change the control of the company [2][5] - The company will continue to monitor shareholder equity changes and fulfill its information disclosure obligations as per relevant laws and regulations [5]

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]

Core Viewpoint - Guangdong Changqing (Group) Co., Ltd. has announced that its convertible bond "Changji Convertible Bond" may meet the redemption conditions due to the stock price performance, which has been above 130% of the conversion price for 10 trading days [2][10]. Group 1: Convertible Bond Issuance and Listing - The company issued 8 million convertible bonds with a total value of 800 million yuan, each with a face value of 100 yuan, approved by the China Securities Regulatory Commission on April 9, 2020 [3]. - The bonds were listed on the Shenzhen Stock Exchange on May 13, 2020, under the name "Changji Convertible Bond" [4]. Group 2: Conversion Period and Price Adjustments - The conversion period for the bonds is from April 15, 2020, to April 8, 2026 [5]. - The conversion price has been adjusted multiple times, with the latest adjustment on September 24, 2025, reducing the price from 5.30 yuan to 5.15 yuan per share [8]. Group 3: Conditional Redemption Terms - The company has the right to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 consecutive trading days [9]. - The current stock price has been above the threshold, indicating a potential trigger for the redemption clause [10]. Group 4: Other Matters - Investors are encouraged to refer to the full prospectus disclosed on April 7, 2020, for more details regarding the convertible bonds [11].

| 证券代码：002616 | 证券简称：长青集团 | 公告编号： | 2025-045 | | --- | --- | --- | --- | | 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"长集转债"可能满足赎回条件的提示性公告 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。 （二）可转换公司债券上市情况 经深圳证券交易所"深证上[2020]372 号"文同意，公司 8.00 亿元可转换 公司债券于 2020 年 5 月 13 日起在深交所挂牌交易，债券简称"长集转债"，债 券代码"128105"。 特别提示： 自 2025 年 9 月 15 日至 2025 年 9 月 26 日，广东长青（集团）股份有限公司 （以下简称"公司"）股票已有 10 个交易日的收盘价格不低于"长集转债"当 期转股价格的 130%（公司于 2025 年 9 月 24 日实施 2025 年半年度权益分派，实 施权益分派前"长集转债"的 130%为 6.89 元/股，实施权益分派后"长集转债" 转股价格的 130%为 6.69 元/ ...

Core Viewpoint - The company has approved the investment in the second phase of the Maoming Changqing cogeneration project and the associated pipeline project, with a total estimated investment of 571 million yuan [8][11]. Group 1: Investment Overview - The total estimated investment for the project is 571 million yuan, with approximately 200 million yuan allocated for the cogeneration project and about 371 million yuan for the pipeline project [8][13]. - The project aims to meet the steam demand of China Petroleum & Chemical Corporation Maoming Branch due to its expansion and downstream industries [8][11]. Group 2: Project Details - The cogeneration project will include a 260t/h high-temperature and high-pressure circulating fluidized bed boiler, a back-pressure turbine, and a 25MW generator set [13]. - The pipeline project will extend approximately 21 kilometers from the cogeneration plant to the Maoming Refinery, with a design flow of 230t/h [14]. Group 3: Contractual Agreements - A steam supply contract has been signed between the company and Maoming Petrochemical, stipulating a base steam supply of 165t/h after the commissioning of the RTC unit [10][11]. - The contract is set for a duration of five years, with provisions for negotiation of a new agreement three months prior to expiration [10]. Group 4: Expected Impact - The implementation of this project is expected to enhance the company's sales and profitability [19]. - The project is anticipated to have a positive impact on the company's future financial status and operational performance, although it will not significantly affect the company's performance in 2025 [20].