Group 1 - The company, Qiaoyin Co., Ltd. (002973.SZ), has announced a preliminary bid win 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 146 million yuan, with a service duration of three years [1]

| 证券代码：002973 | 证券简称：侨银股份 | 公告编号：2025-137 | | --- | --- | --- | | 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 关于开展融资租赁业务暨调剂担保额度的进展公告 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、融资租赁及担保情况概述 （一）融资租赁情况概述 侨银城市管理股份有限公司（以下简称"公司"）于 2025 年 7 月 28 日召开 第四届董事会第三次会议，审议通过了《关于开展融资租赁业务暨相关担保事项 的议案》，为拓宽融资渠道，优化公司的债务结构，提高资金使用效率，满足经 营发展需求，公司及下属子公司拟作为承租人与横琴华通金融租赁有限公司（以 下简称"华通金租"）开展售后回租融资租赁业务，融资金额不超过人民币 8,000.00 万元，融资期限不超过 36 个月，公司下属子公司江门市侨盈城市环境 管理有限公司（以下简称"江门侨盈"）以项目的应收账款为其自身融资租赁业 务提供质押担保，公司控股股东、实际控制人郭倍华、刘少云、韩丹为上述融资 租赁事项提供连带 ...

| 证券代码：002973 | 证券简称：侨银股份 | 公告编号：2025-138 | | --- | --- | --- | | 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 关于预中标约 1.46 亿元山东省莱州市城市资源 经营环卫、园林、路灯一体化服务项目 近日，侨银城市管理股份有限公司（以下简称"公司"）预中标莱州市城 市资源经营环卫、园林、路灯一体化服务项目（2025 年-2028 年度），具体情 况公告如下： 一、项目的基本情况 1．项目名称：莱州市城市资源经营环卫、园林、路灯一体化服务项目 （2025 年-2028 年度）； 6．服务范围：包括（1）道路保洁（2）重点路段降尘（3）垃圾清运（4） 公共厕所运行管理（5）春冬季清雪除冰（6）园林植保管理（7）园林设施管理 （8）广场公园秩序管理（9）路灯维护（10）高铁站卫生保洁等内容。 二、项目公示的内容 （2025 年-2028 年度）的提示性公告 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。 2．采购人：莱州市住房和城乡建设管理局； 3．采购代理机构：莱州 ...

Group 1 - The company, Qiaoyin Co., Ltd. (002973), announced on November 17 that it has been pre-selected for the integrated service project for urban resource management, sanitation, landscaping, and street lighting in Laizhou City for the period of 2025 to 2028 [1] - The total bid amount for the project is approximately 146 million yuan over three years [1]

Group 1 - The company has announced a preliminary win for the integrated urban resource management project in Laizhou City, which includes sanitation, landscaping, and street lighting services [1] - The total bid amount for the project is 146 million yuan, with a service duration of three years from 2025 to 2028 [1]

Market Overview - The environmental governance sector increased by 0.61% on November 13, with Jin Yuan Co. leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Top Gainers in Environmental Governance Sector - Jin Yuan Co. (000546) closed at 5.88, up 7.50% with a trading volume of 637,300 shares and a transaction value of 367 million [1] - Qing Shui Yuan (300437) closed at 18.37, up 7.30% with a trading volume of 711,300 shares and a transaction value of 1.28 billion [1] - Wei Ming Environmental (603568) closed at 23.86, up 4.79% with a trading volume of 107,800 shares and a transaction value of 256 million [1] Top Losers in Environmental Governance Sector - *ST Kai (300899) closed at 32.12, down 4.43% with a trading volume of 32,000 shares and a transaction value of 103 million [2] - Lang Kun Technology (301305) closed at 25.01, down 4.03% with a trading volume of 277,500 shares and a transaction value of 703 million [2] - Qidi Environment (000826) closed at 2.58, down 2.64% with a trading volume of 1,035,100 shares and a transaction value of 266 million [2] Capital Flow Analysis - The environmental governance sector experienced a net outflow of 511 million from institutional investors, while retail investors saw a net inflow of 528 million [2][3] - Major stocks like Qing Shui Yuan and Hui Cheng Environmental had significant net inflows from retail investors, despite overall institutional outflows [3] Individual Stock Capital Flow - Qing Shui Yuan (300437) had a net inflow of 59.34 million from institutional investors, while retail investors had a net outflow of 24.92 million [3] - Hui Cheng Environmental (300779) saw a net inflow of 54.49 million from institutional investors, with retail investors experiencing a net outflow of 36.24 million [3] - Jin Yuan Co. (000546) had a net inflow of 47.84 million from institutional investors, while retail investors faced a net outflow of 34.54 million [3]

1. 可转债代码：128138。 | | | 侨银城市管理股份有限公司 关于可转换公司债券 2025 年付息公告 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： 2. 可转债简称：侨银转债。 3. 付息年度：第 5 年。 4. 付息债权登记日：2025 年 11 月 14 日。 5. 除权除息（付息）日：2025 年 11 月 17 日。 6. 下一年度的利率：3.00%。 7. 1000 元面值债券利息（含税）：25 元。 一、"侨银转债"基本情况 "侨银转债"本次的付息债权登记日为 2025 年 11 月 14 日，凡在 2025 年 11 月 14 日（含）前买入并持有本期债券的投资者享有本次派发的利息；2025 年 11 月 14 日卖出本期债券的投资者不享有本次派发的利息。在 2025 年 11 月 14 日（含当日）前申请转换成公司股票的可转换公司债券（以下简称"可转债"）， 公司不再向其持有人支付本计息年度及以后计息年度的利息。具体情况如下： （一）可转债简称：侨银转债 （二）可转债代码：128138 （三）可转债发行量：42,000 ...

Core Viewpoint - Several Chinese environmental companies, including Weiming Environmental, High Energy Environment, Qiaoyin Co., Chengfa Environment, and Teda Co., have been selected as suppliers for Indonesia's environmentally friendly waste-to-energy projects, marking a significant step for Chinese environmental technology in the international market [1][2]. Group 1: Project Overview - Indonesia plans to construct 33 waste incineration power generation projects with a total investment of approximately 91 trillion Indonesian Rupiah [1]. - The first batch of project tenders will cover seven regions, with individual project investments estimated between 25 trillion to 32 trillion Indonesian Rupiah, and a daily waste processing capacity of about 1,000 tons [2]. Group 2: Company Strategies and Preparations - Selected companies are actively preparing for the projects, focusing on technical standard alignment and project partnership selection [2]. - Weiming Environmental has invested around 400 million USD in Indonesia for a nickel project and has experience in local waste incineration projects, positioning itself well for rapid project implementation [2]. Group 3: Market Dynamics and Opportunities - The cancellation of local government subsidies for waste management has shifted revenue sources for waste incineration projects primarily to electricity sales, raising concerns about investment returns [3]. - Companies are adopting strategies to enhance power generation efficiency and explore diversified revenue streams, such as carbon trading and energy recovery [3]. Group 4: Southeast Asia Market Potential - Southeast Asia faces dual pressures of urbanization and energy transition, leading to a growing trend of waste incineration projects [5]. - The market for waste incineration in Southeast Asia is expected to grow at a compound annual growth rate of 15% to 25% over the next 5 to 10 years, with Indonesia being the largest market [5]. Group 5: Strategic Planning - Qiaoyin Co. aims to implement a "dual-wheel drive" strategy, focusing on both domestic and overseas markets while forming alliances with other industry players [6]. - Weiming Environmental plans to leverage its existing capabilities in environmental governance and equipment manufacturing to accelerate its presence in Indonesia [6].

Core Insights - Qiaoyin Co., Ltd. has been selected as a supplier for an environmentally friendly waste-to-energy project in Indonesia, indicating potential growth opportunities in the renewable energy sector [2] Group 1 - The company announced its inclusion in the supplier list for the Indonesian project, which highlights its commitment to sustainable energy solutions [2] - The next steps involve participating in the selection process for project partners, which introduces an element of uncertainty regarding final investment qualifications and contract execution [2]

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [12] Core Insights - The environmental protection sector showed a significant increase in performance, with a 17.3% year-on-year growth in non-recurring net profit for Q3 2025, driven by stable operations and profit recovery in cyclical assets [6][40] - The overall revenue for the environmental sector reached 221.7 billion yuan in the first three quarters of 2025, marking a 3.12% increase year-on-year, while the net profit attributable to shareholders grew by 4.88% to 21.9 billion yuan [21][40] - The cash flow situation improved, with a cash collection ratio of 95.1% in Q3 2025, reflecting a 4.5 percentage point increase year-on-year, indicating a stable investment environment despite a downward trend in financing [8][40] Summary by Sections Performance Overview - In Q3 2025, the environmental sector achieved a revenue of 79.6 billion yuan, a 9.64% increase year-on-year, with a net profit of 8.2 billion yuan, up 11.8% [6][40] - The non-recurring net profit for Q3 2025 was 7.75 billion yuan, reflecting a 17.3% year-on-year increase, primarily driven by strong performances in waste incineration, biodiesel, and air quality sectors [6][40] Financial Statements - The overall asset-liability ratio for the environmental sector was 57.3% in Q3 2025, with a slight year-on-year increase of 0.35 percentage points, indicating a slowdown in the growth rate of liabilities [7] - The cash flow from operating activities showed a net inflow of 27.1 billion yuan, a 30.6% increase year-on-year, with improvements noted in waste management and water operations [8] Investment Strategy - The report suggests continued investment in waste incineration and water sectors, with a potential for valuation recovery as the industry transitions towards a more market-oriented model [9] - Recommended companies include Hanlan Environment, China Everbright International, and Weiming Environmental, among others, highlighting their potential for growth and dividend returns [9]