Core Insights - The report emphasizes the investment themes for 2026 in the environmental sector, focusing on overseas expansion, carbon reduction, and pollution control as key strategies under the "14th Five-Year Plan" [3][6] - The environmental industry is experiencing a transition as domestic infrastructure peaks, with a projected 4.9% year-on-year growth in sector performance for the first three quarters of 2025 [6][28] Policy Guidance - The "14th Five-Year Plan" has not yet met carbon reduction targets, indicating a need for continued efforts in this area, while other environmental goals have been largely achieved [22][24] - The "15th Five-Year Plan" aims to synergize carbon peak and neutrality goals with pollution reduction and green growth initiatives [6][24] Overseas Expansion - The report identifies significant market opportunities in Southeast Asia and Central Asia for waste incineration, with a potential market size in the hundreds of billions [7] - Indonesia's upcoming waste incineration projects are highlighted, with expectations for rapid development starting in Q1 2026, supported by sovereign fund investments [7] - Key companies positioned for overseas expansion include Weiming Environmental, China Everbright, and others [7] Carbon Reduction - The carbon market is evolving, with ongoing improvements in the carbon emission control system and an expected rise in carbon prices [8] - Non-electric green energy sectors, such as renewable energy heating and biofuels, are anticipated to benefit from policy support and growing domestic demand [8] - Companies like Zhuoyue New Energy are noted for their potential in the biofuel sector, particularly in the context of EU anti-dumping influences subsiding [8] Pollution Control - The water and air sectors are expected to see continued investment in pollution control, with companies like Xingrong Environment and Aofu Technology highlighted for their growth potential [9] - The report notes that the implementation of the National VI emissions standards will create opportunities in the automotive emissions control market [9] Diverse Investment Opportunities - The report outlines various investment opportunities arising from new production capabilities, cyclical trends, and debt management strategies within the environmental sector [10] - Companies involved in smart technologies and battery materials are identified as potential beneficiaries of these trends [10]

Core Viewpoint - Qiaoyin Co., Ltd. announced the adjustment of unused guarantee quota of 10 million yuan from its wholly-owned subsidiary Hohhot Qiaoyin to Jingde Qiaoyin, and provided joint liability guarantee for Jingde Qiaoyin's application for a 10 million yuan working capital loan from Jingde Rural Commercial Bank, increasing the company's total guarantee balance for subsidiaries to 184.812 million yuan [1] Group 1 - The company adjusted the unused guarantee quota of 10 million yuan to Jingde Qiaoyin [1] - The company provided a joint liability guarantee for a 10 million yuan working capital loan application [1] - The total guarantee balance for subsidiaries increased to 184.812 million yuan after the adjustment [1]

| 证券代码：002973 | 证券简称：侨银股份 | 公告编号：2025-146 | | --- | --- | --- | | 债券代码：128138 | 债券简称：侨银转债 | | 侨银城市管理股份有限公司 关于调剂担保额度暨担保进展的公告 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。 一、担保情况概述 侨银城市管理股份有限公司（以下简称"公司"）第三届董事会第三十次会 议、第三届监事会第十七次会议和 2024 年年度股东大会审议通过了《关于 2025 年度担保额度预计的议案》，其中公司拟为纳入合并报表范围内的子公司（含新 设立的全资或控股子公司）提供担保的额度为 107,000.00 万元，担保期限自公司 2024 年年度股东大会审议通过之日起至公司 2025 年年度股东大会召开之日止， 上述预计担保额度在有效期及担保金额范围内可分别调剂使用，在资产负债率 70%以上/以下同等类别的被担保公司之间按照实际情况进行内部额度调剂使用。 具体内容详见公司 2025 年 4 月 29 日披露的《关于 2025 年度担保额度预计及关 联担保额度预计的公告》（公 ...

Group 1 - The core point of the news is that Qiaoyin Co., Ltd. executed a block trade of 158,000 shares on December 1, with a transaction amount of 2.054 million yuan, accounting for 2.4% of the total trading volume for that day. The transaction price was 13 yuan, which represents a discount of 9.66% compared to the market closing price of 14.39 yuan [1][2] Group 2 - The transaction details indicate that the buyer was Shenwan Hongyuan Securities Co., Ltd. and the seller was CITIC Securities Co., Ltd. The trade occurred at a volume of 15.8 million shares and a total transaction value of 205.4 thousand yuan [2]

Core Viewpoint - Qiaoyin Co., Ltd. has decided not to lower the conversion price of its convertible bonds, "Qiaoyin Convertible Bonds," during the specified period from November 29, 2025, to January 31, 2026 [2] Summary by Relevant Sections - **Board Meeting Decision**: The fourth session of the fourth board meeting will be held on November 28, 2025, where the board will review the proposal regarding the conversion price of the "Qiaoyin Convertible Bonds" [2] - **No Downward Adjustment**: The board has resolved not to adjust the conversion price downward for the "Qiaoyin Convertible Bonds" and will not propose any downward adjustment if the relevant conditions are triggered during the specified period [2] - **Future Considerations**: If the downward adjustment conditions are triggered after the specified period, the board will convene again to decide whether to exercise the right to adjust the conversion price [2]

Key Points - Guizhou Moutai elected Chen Hua as the chairman of the fourth board of directors and plans to repurchase shares between RMB 1.5 billion and RMB 3 billion [1] - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure and illegal financing [1] Share Buybacks - Demai Technology raised the upper limit for share repurchase to RMB 45 per share [5] - Jianbang Technology plans to repurchase shares worth between RMB 15 million and RMB 30 million [5] - Huayuan Holdings intends to repurchase shares worth between RMB 30 million and RMB 60 million [5] Major Investments - Jinling Pharmaceutical plans to invest RMB 893 million in hospital expansion projects [7] - Dongfang Mingzhu intends to invest approximately RMB 500 million to establish a partnership and acquire part of the equity of New H3C [7] - Chang'an Automobile aims to establish a robotics company to develop innovative products and solutions [7] Mergers and Acquisitions - Kaizhong Co. plans to acquire 60% of Anhui Tuosheng's equity, with stock resuming trading on December 1 [7] - Youa Co. has resumed the review process for issuing shares and cash to purchase assets [7] - Jiasheng Technology intends to acquire controlling interest in Shudun Information Technology Co., with stock continuing to be suspended [7] Financing Activities - Shenzhen Energy plans to apply for a public bond issuance with a total scale not exceeding RMB 20 billion [7] - Huakong Saige has terminated its specific object stock issuance [7]

| 证券代码：002973 | 证券简称：侨银股份 | 公告编号：2025-143 | | --- | --- | --- | | 债券代码：128138 | 债券简称：侨银转债 | | 侨银城市管理股份有限公司 关于不向下修正"侨银转债"转股价格的公告 （一）可转债发行情况 经中国证券监督管理委员会出具的《关于核准侨银环保科技股份有限公司公 开发行可转换公司债券的批复》（证监许可[2020]1954 号）核准，公司向社会公 本次触发转股价格修正条件的期间从 2025 年 11 月 7 日起算，截至 2025 年 11 月 28 日，侨银城市管理股份有限公司（以下简称"公司"）股票已出现在 任意连续三十个交易日中至少有十五个交易日的收盘价低于当期转股价格 85%（即 15.215 元/股）的情形，已触发"侨银转债"转股价格的向下修正 条款。 公司于 2025 年 11 月 28 日召开第四届董事会第六次会议，审议通过了《关 于不向下修正"侨银转债"转股价格的议案》，公司董事会决定本次不向下 修正"侨银转债"的转股价格，且在 2025 年 11 月 29 日至 2026 年 1 月 31 日期间，如再次触发"侨 ...

Group 1 - The company, Qiaoyin Co., Ltd. (002973), has announced that it has received a "Notice of Winning Bid" confirming its status as the winning bidder for the integrated service project in Laizhou City, which includes urban resource management, sanitation, landscaping, and street lighting for the period from 2025 to 2028 [1] - The total bid amount for the project is approximately 146 million yuan, with a service duration of three years [1]

Core Viewpoint - Qiaoyin Co., Ltd. has won a bid for an integrated urban resource management project in Laizhou, with a total bid amount of approximately 146 million yuan [1] Group 1 - The project covers urban sanitation, landscaping, and street lighting services for the period from 2025 to 2028 [1]

Group 1 - The company, Qiaoyin Co., Ltd. (002973.SZ), has received a bid notification for the integrated urban resource management project in Laizhou City, covering sanitation, landscaping, and street lighting services for the period of 2025 to 2028 [1] - The total bid amount for the project is approximately 146 million yuan [1]