Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental sectors [5][11]. Core Insights - The report highlights the introduction of the "Ecological Environment Monitoring Regulations," which will enhance the automation, digitalization, and intelligence of ecological monitoring systems starting January 1, 2026 [15][17]. - The public utilities and environmental sectors have seen a decrease in fund holdings, with a total market value of 49.695 billion yuan, down 29.64% from the previous quarter [2][17]. - The report emphasizes investment opportunities in the renewable energy sector, particularly in companies like Longyuan Power and Three Gorges Energy, as well as in nuclear power and hydropower sectors [3][27]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.82%, while the public utilities index increased by 2.42% and the environmental index by 2.71% [14][29]. - Within the electricity sector, coal-fired power increased by 2.09%, hydropower by 2.00%, and renewable energy generation by 3.08% [30]. Important Policies and Events - The State Council announced the "Ecological Environment Monitoring Regulations," aimed at establishing a modern ecological monitoring system [15][17]. - A significant achievement in nuclear technology was reported with the successful conversion of thorium-uranium nuclear fuel at a molten salt reactor [16]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional electricity companies such as Shanghai Electric due to stable profitability [3][27]. - The report suggests focusing on companies in the renewable energy sector, including Longyuan Power and Three Gorges Energy, as well as nuclear power operators like China Nuclear Power and China General Nuclear Power [3][27]. - For the environmental sector, it recommends companies like China Tianying and Guangda Environment, which are positioned well in the mature water and waste incineration markets [27]. Fund Holdings Analysis - As of Q3 2025, the public utilities and environmental sectors had 122 stocks heavily held by funds, a decrease of 4 from the previous quarter [2][17]. - The total market value of holdings in the electricity sector was 42.276 billion yuan, down 30.82% from the previous quarter [17]. - The report identifies the top five companies with increased fund holdings in the electricity sector, including JinkoSolar and Longyuan Power [17]. Company Profit Forecasts - The report provides profit forecasts and investment ratings for key companies, including Huadian International with a projected EPS of 0.49 yuan for 2024 and a PE ratio of 10.3 [5]. - Other recommended companies include Longyuan Power, Three Gorges Energy, and China Nuclear Power, all rated "Outperform" [9][5].

| 证券代码：002616 | 证券简称：长青集团 | 公告编号：2025-083 | | --- | --- | --- | | 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 2、"长集转债"摘牌日：2025 年11月12日 3、"长集转债"摘牌原因：存续期内可转债全部赎回 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会《关于核准广东长青（集团）股份有限公司公开发 行可转换公司债券的批复》（证监许可[2019]2009 号）核准，公司于 2020 年 4 月 9 日公开发行了 800 万张可转换公司债券（债券简称：长集转债，债券代码：128105）， 每张面值 100 元，发行总额 8.00 亿元。 关于"长集转债"摘牌的公告 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、"长集转债"赎回日：2025 年11月4日 （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 ...

| 证券代码：002616 | 证券简称：长青集团 | 公告编号：2025-082 | | --- | --- | --- | | 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"赎回结果的公告 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。 （三）可转换公司债券转股期限 1、因公司实施 2019 年年度权益分派，"长集转债"转股价格于 2020 年 6 月 3 日起由原 8.31 元/股调整为 8.11 元/股，调整后的转股价格自 2020 年 6 月 3 日起 生效。详见 2020 年 5 月 28 日披露的《关于可转债转股价格调整的公告》（公告编号： 2020-054）。 2、因公司实施 2020 年年度权益分派，"长集转债"转股价格于 2021 年 4 月 30 日起由原 8.11 元/股调整为 7.91 元/股，调整后的转股价格自 2021 年 4 月 30 日 起生效。详见 2021 年 4 月 24 日披露的《关于可转债转股价格调整的公告》（公告编 号：2021-038）。 一、可转换公司债券 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [5][11]. Core Views - The report highlights the introduction of the "Ecological Environment Monitoring Regulations," which will enhance the automation, digitalization, and intelligence of ecological monitoring systems starting January 1, 2026 [15][17]. - The public utility and environmental sectors have seen a decrease in fund holdings, with a total market value of 49.695 billion yuan, down 29.64% from the previous quarter [2][17]. - The report emphasizes investment opportunities in the renewable energy sector and comprehensive energy management, particularly in the context of carbon neutrality [27]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.82%, while the public utility index increased by 2.42% and the environmental index by 2.71% [14][29]. - Within the electricity sector, coal-fired power increased by 2.09%, hydropower by 2.00%, and renewable energy generation by 3.08% [30]. Important Policies and Events - The "Ecological Environment Monitoring Regulations" were signed into law, aiming to establish a modern ecological monitoring system [15][17]. - A significant achievement in nuclear fuel conversion was reported, marking a milestone in thorium-uranium fuel technology [16]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional electricity companies such as Shanghai Electric due to stable profitability [3][27]. - The report suggests investing in leading renewable energy firms like Longyuan Power and Three Gorges Energy, as well as high-quality offshore wind power companies [3][27]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are expected to maintain stable profitability [3][27]. - High-dividend hydropower stocks like Yangtze Power are recommended for their defensive attributes [3][27]. - In the environmental sector, companies like China Science Instruments and Shandong High Energy are highlighted for their growth potential [27]. Key Company Earnings Forecasts and Investment Ratings - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and 0.62 yuan for 2025 [5]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.76 yuan for 2024 and 0.81 yuan for 2025 [9]. Fund Holdings Analysis - As of Q3 2025, the public utility and environmental sectors had 122 stocks heavily held by funds, a decrease of 4 from the previous quarter [2][17]. - The electricity sector accounted for 55 of these stocks, with a total market value of 42.276 billion yuan, down 30.82% from the previous quarter [17]. Environmental Sector Insights - The water and waste incineration industries are entering a mature phase, with improved free cash flow and declining risk-free rates [27]. - The domestic waste oil recycling industry is expected to benefit from the EU's SAF blending policy [27].

Group 1 - The core viewpoint of the news is that Changqing Group's stock has shown significant performance, with a year-to-date increase of 39.96% and a recent rise of 2.21% in a single trading session [1] - As of November 7, the stock price reached 6.48 yuan per share, with a market capitalization of 5.564 billion yuan [1] - The company has seen a net inflow of main funds amounting to 3.171 million yuan, with large orders accounting for 21.53% of total buying [1] Group 2 - For the first nine months of 2023, Changqing Group reported a revenue of 2.723 billion yuan, a year-on-year decrease of 2.39%, while the net profit attributable to shareholders increased by 63.94% to 202 million yuan [2] - The number of shareholders decreased by 12.26% to 21,800, while the average circulating shares per person increased by 16.53% to 22,103 shares [2] Group 3 - Since its A-share listing, Changqing Group has distributed a total of 939 million yuan in dividends, with 185 million yuan distributed over the past three years [3]

| 证券代码：002616 | 证券简称：长青集团 | 公告编号：2025-081 | | --- | --- | --- | | 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 关于转让长青环保能源（中山）有限公司与中山市长青环保 热能有限公司 100%股权的进展公告 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： 本次交易已获得中山市城市管理和综合执法局的审批同意。尚未完成相关资 产的交割、过户、工商变更等事项，具体实施情况和进度上存在不确定性， 公司将按照《深圳证券交易所股票上市规则》等法律法规及《公司章程》的 规定，根据本次交易进展情况及时履行信息披露义务，敬请广大投资者注意投资 风险。 一、股权转让交易概述 1、2023 年 6 月 30 日，广东长青（集团）股份有限公司（以下简称"公司"、 "长青集团"）与中山公用事业集团股份有限公司（以下简称"中山公用"）签署 了《关于长青环保能源(中山)有限公司、中山市长青环保热能有限公司股权并购 框架协议》（以下简称"原协议"），拟将公司及公司全资子公司名厨（ ...

Core Viewpoint - The announcement details a significant equity transfer agreement between the company and a subsidiary of Zhongshan Public Utilities, involving the sale of 100% equity in two subsidiaries for a total of 494.24 million yuan [1] Group 1: Transaction Details - The company signed an equity transfer agreement on July 25, 2025, to transfer 100% equity of Changqing Environmental Energy (Zhongshan) Co., Ltd. and Zhongshan Changqing Environmental Thermal Energy Co., Ltd. for 494.24 million yuan [1] - The transaction was approved by the company's second extraordinary general meeting on August 11, 2025, and the company received the first installment of the transfer payment amounting to 123.56 million yuan in August [1] - On November 6, 2025, the company obtained approval from the Zhongshan Urban Management and Comprehensive Law Enforcement Bureau, confirming that the conditions for the second installment of the transfer payment had been met, and the company will proceed with the delivery and transfer processes [1]

Market Overview - In October, the Shanghai and Shenzhen 300 Index remained unchanged, while the public utility index increased by 4.47% and the environmental index rose by 2.58% [1][16] - Among the 31 first-level industry categories, public utilities and environmental sectors ranked 5th and 8th in terms of growth [1][43] - In the electricity sector, thermal power increased by 10.98%, hydropower by 4.01%, and gas by 6.39% [1][44] Important Events - On October 30, the Ministry of Commerce issued guidelines to support the use of green low-carbon development in foreign trade, promoting the use of renewable energy and sustainable fuels in international shipping [2][17] - The guidelines encourage foreign trade enterprises to develop and utilize recycled resources and biodegradable materials [2][17] Sector Performance - The thermal power sector's revenue for the first three quarters of 2025 was 906.47 billion yuan, a year-on-year decrease of 5.48%, while net profit increased by 15.03% to 71.12 billion yuan [3][18] - The hydropower sector's revenue was 148.76 billion yuan, down 1.39%, with net profit rising by 1.73% to 51.32 billion yuan [3][22] - Wind power revenue decreased by 2.80% to 117.16 billion yuan, with net profit down 12.15% to 22.03 billion yuan [3][25] - The photovoltaic sector saw revenue of 26.10 billion yuan, a decline of 16.55%, but net profit increased by 55.77% to 2.90 billion yuan [3][28] - Nuclear power revenue was 164.08 billion yuan, up 1.76%, but net profit fell by 12.39% to 16.58 billion yuan [3][32] - The gas sector's revenue was 234.91 billion yuan, a decrease of 0.78%, with net profit down 5.49% to 10.25 billion yuan [3][36] Investment Strategy - For thermal power, it is recommended to invest in major companies like Huadian International and Shanghai Electric due to stable profitability [4][41] - In the renewable energy sector, companies such as Longyuan Power and Three Gorges Energy are recommended for their potential steady earnings growth [4][41] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profits [4][41] - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [4][41] - In the gas sector, Jiufeng Energy is recommended for its capabilities in marine gas trading [4][41] - The environmental sector is advised to focus on companies like China Everbright Environment and Zhongshan Public Utilities, which are entering a mature phase with improved cash flow [4][42]

Market Overview - In October, the Shanghai and Shenzhen 300 index remained unchanged, while the public utility index increased by 4.47% and the environmental index rose by 2.58% [1][16] - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 5th and 8th in terms of growth [1][43] - In the electricity sector, thermal power increased by 10.98%, hydropower by 4.01%, and gas by 6.39% [1][44] Important Events - On October 30, the Ministry of Commerce issued guidelines to promote green trade, encouraging foreign trade enterprises to adopt green and low-carbon development throughout their supply chains [2][17] - The guidelines support the use of renewable energy and sustainable fuels in international shipping, including green methanol and green ammonia [2][17] Sector Performance - The thermal power sector's revenue for the first three quarters of 2025 was 906.47 billion yuan, a year-on-year decrease of 5.48%, while net profit increased by 15.03% to 71.12 billion yuan [3][18] - Hydropower sector revenue totaled 148.76 billion yuan, down 1.39%, with net profit rising by 1.73% to 51.32 billion yuan [3][22] - Wind power revenue decreased by 2.80% to 117.16 billion yuan, with net profit down 12.15% to 22.03 billion yuan [3][25] - The solar power sector saw revenue of 26.10 billion yuan, a decline of 16.55%, but net profit increased by 55.77% to 2.90 billion yuan [3][28] - Nuclear power revenue was 164.08 billion yuan, up 1.76%, but net profit fell by 12.39% to 16.58 billion yuan [3][32] - The gas sector's revenue was 234.91 billion yuan, a decrease of 0.78%, with net profit down 5.49% to 10.25 billion yuan [3][36] Investment Strategy - For thermal power, it is recommended to invest in major companies like Huadian International and Shanghai Electric due to expected stable profitability [4][41] - In the renewable energy sector, leading companies such as Longyuan Power and Three Gorges Energy are recommended for their potential steady earnings [4][41] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profits, with a recommendation for China Power Investment Corporation [4][41] - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [4][41] - In the gas sector, Jiufeng Energy is recommended for its capabilities in marine gas trading [4][41] - The environmental sector is advised to focus on companies like China Everbright Environment and Zhongshan Public Utilities, which are seen as utility-like investment opportunities [4][42]

| 证券代码：002616 | 证券简称：长青集团 | 公告编号：2025-080 | | --- | --- | --- | | 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 关于提前赎回"长集转债"实施暨即将停止转股的重要提示性公告 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。 重要内容提示： 1、最后转股日：2025年11月3日 2025年11月3日是"长集转债"最后一个转股日，当日收市前，持有"长集转债" 的投资者仍可进行转股；2025年11月3日收市后，未转股的"长集转债"将停止转股。 2、截至2025年10月31日收市后，距离"长集转债"停止转股并赎回仅剩1个交 易日。本公司特别提醒"长集转债"持有人务必认真阅读本公告，充分了解相关风 险，注意最后转股时间，审慎作出投资决策。 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 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 ...