2025 年 11 月 03 日 证券分析师 干璐 A0230516080007 wanqlu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 博浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 申万宏源研究微信服务号 录证价格大涨 9 月天然气 O DE 申万公用环保周报(25/10/26~25/11/2) 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 美研究报 联系人 朱亦 (8621)23297818× zhuhe@swsresearch.com 电力：绿证市场量价齐升。2025 年 10 月 30 日，国家能源局发布最新数据：2025 年 9 月，全国 核发绿色电力证书（绿证）2.29 亿个，涉及可再生能源发电项目 30.65 万个，其中可交易绿证 1.58 亿个，占比 68.86%。2025 年 1-9 月，累计核发绿证 21.08 亿个，可交易量达 14.35 亿个。 绿证市场呈现量价齐升的良好态势。下一步，期待绿 ...

行 业 及 产 业 2025 年 11 月 03 日 绿证价格大涨 9 月天然气消费增速 回调 看好 ——申万公用环保周报(25/10/26~25/11/2) 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 公用事业 行 业 研 究 / 行 业 点 评 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 - ⚫ 电力：绿证市场量价齐升。2025 年 10 月 30 日，国家能源局发布最新数据：2025 年 9 月，全国 核发绿色电力证书（绿证）2.29 亿个，涉及可再生能源发电项目 30.65 万个，其中可交易绿证 1.58 亿个，占比 68.86%。2025 年 1-9 月，累计核发绿证 21.08 亿个，可交易量达 ...

Core Insights - The biodiesel sector experienced a 0.65% increase on October 28, with Hai Xin Neng Ke leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Sector Performance - The biodiesel sector stocks showed varied performance, with the following notable movements: - Ben Liu Neng Yu (300072) closed at 4.04, up 1.51% with a trading volume of 718,800 shares and a turnover of 294 million yuan - Peng Yao Environmental (300664) closed at 5.63, up 1.26% with a trading volume of 151,700 shares and a turnover of 85.2 million yuan - Shan Gao Huan Neng (000803) closed at 6.73, up 1.20% with a trading volume of 75,900 shares and a turnover of 50.7 million yuan - Zhuang Jue Xin Neng (688196) closed at 45.00, up 0.83% with a trading volume of 94,175 shares and a turnover of 42 million yuan - Jia Ao Environmental (603822) closed at 88.93, up 0.51% with a trading volume of 26,000 shares and a turnover of 2.35 billion yuan - Zhong Liang Technology (000930) closed at 5.93, down 0.17% with a trading volume of 133,100 shares and a turnover of 78.9 million yuan - Guo Ji Shi Ye (000159) closed at 6.14, down 0.49% with a trading volume of 145,700 shares and a turnover of 89.6 million yuan [1] Capital Flow Analysis - The biodiesel sector saw a net inflow of 30.4 million yuan from institutional investors, while retail investors experienced a net outflow of 19.4 million yuan [1] - Detailed capital flow for key stocks includes: - Jia Ao Environmental (603822) had a net inflow of 34.5 million yuan from institutional investors, but a net outflow of 2.97 million yuan from retail investors - Zhong Liang Technology (000930) had a net inflow of 6.6 million yuan from institutional investors, with a net outflow of 1.12 million yuan from retail investors - Hai Xin Neng Ke (300072) had a net inflow of 4.0 million yuan from institutional investors, but a significant net outflow of 1.78 million yuan from retail investors - Zhuang Jue Xin Neng (688196) experienced a net outflow of 1.16 million yuan from institutional investors [2]

Investment Rating - The report suggests focusing on the lithium hexafluorophosphate sector due to rising prices [5]. Core Viewpoints - The chemical sector saw an overall increase of 2.14% in the fourth week of October, lagging behind the Shanghai A-share index, which rose by 2.88% [2][11]. - The report highlights significant price increases in various chemical products, particularly liquid chlorine (+195.56%) and vitamin VE (+17.95%) [4][19]. - The report indicates a dynamic PE of 24.56 for the chemical sector, which is higher than the average PE of 8.86 since 2015 [2][11]. Industry Performance - In the fourth week of October, 21 sub-industries in the chemical sector increased, while 11 decreased. The top five gaining sub-industries included oil trading (+3.5%) and potassium fertilizer (+2.98%) [3][14]. - The report lists the top five stocks with the highest gains: Shilong Industrial (+49.32%), *ST Jintai (+23.14%), and others [2][11]. Price and Spread Trends - The report provides a detailed analysis of price changes for 256 products, with the highest increases seen in liquid chlorine and vitamin VE [4][19]. - The report also highlights significant changes in price spreads, with PX (naphtha-based) spread increasing by 52.08% [38][39]. Inventory Changes - Notable inventory changes include a decrease in polyester filament inventory by 26.81% and an increase in epoxy propane inventory by 8.53% [5][57].

Group 1 - The core point of the news is the performance and market position of Beijing Haineng Technology Co., Ltd. (海新能科), which saw a stock price increase of 5.03% to 4.18 CNY per share, with a total market capitalization of 9.822 billion CNY [1] - The company was established on June 3, 1997, and went public on April 27, 2010. Its main business includes the research, production, and sales of environmental new materials and chemical products, comprehensive services in fossil energy, ecological agriculture, green energy services, oil and gas facility manufacturing, and trade value-added services [1] - The revenue composition of the company is as follows: 50.98% from environmental materials and chemical products, 48.51% from hydrocarbon-based biodiesel, and 0.51% from other supplementary sources [1] Group 2 - From the perspective of major fund holdings, Huitianfu Fund has a significant position in Haineng Technology, with its Huitianfu CSI Environmental Governance Index (LOF) A fund holding 1.9404 million shares, accounting for 2.13% of the fund's net value, making it the second-largest holding [2] - The Huitianfu CSI Environmental Governance Index (LOF) A fund was established on December 29, 2016, with a current scale of 208 million CNY. Year-to-date, it has achieved a return of 21.42%, ranking 2795 out of 4218 in its category, and a one-year return of 23.28%, ranking 2167 out of 3878 [2] - The fund manager, Lai Zhongli, has been in position for 13 years, with the fund's total asset size at 1.753 billion CNY. The best return during his tenure is 85.92%, while the worst return is -47.54% [3]

Core Viewpoint - The stock of Haineng Technology has shown a positive trend with a year-to-date increase of 14.37%, reflecting strong performance in the clean energy and chemical sectors [1][2]. Financial Performance - For the period from January to September 2025, Haineng Technology achieved a revenue of 1.942 billion yuan, representing a year-on-year growth of 5.60% [2]. - The net profit attributable to the parent company was 57.9511 million yuan, marking a significant year-on-year increase of 109.15% [2]. Stock Market Activity - As of October 28, the stock price was 4.06 yuan per share, with a trading volume of 37.4696 million yuan and a turnover rate of 0.40% [1]. - The stock has seen a net outflow of 1.914 million yuan from major funds, with large purchases accounting for 15.74% and sales for 20.85% of the total trading volume [1]. Shareholder Information - As of October 20, the number of shareholders increased to 45,800, up by 4.90%, while the average circulating shares per person decreased by 4.67% to 50,928 shares [2]. - The company has distributed a total of 863 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Company Overview - Haineng Technology, established on June 3, 1997, and listed on April 27, 2010, is based in Haidian District, Beijing, and specializes in the research, production, and sales of environmentally friendly new materials and chemical products [1]. - The main business revenue composition includes 50.98% from environmental materials and chemical products, and 48.51% from hydrocarbon-based biodiesel [1].

Core Insights - A total of 224 companies released their Q3 2025 financial reports on October 27, with 126 companies reporting year-on-year profit growth and 98 reporting declines [1] - Among these, 86 companies experienced simultaneous growth in both net profit and revenue, while 58 companies saw declines in both metrics [1] - Notably, 30 companies reported a doubling of their performance, with Shen Shen Fang A showing the highest increase in net profit at 2791.57% [1] Summary by Category Net Profit Growth - 126 companies reported a year-on-year increase in net profit, while 98 companies reported a decrease [1] - Shen Shen Fang A had a net profit of 145.12 million yuan, marking a 2791.57% increase [1] - Other notable performers include: - Xian Lei Co. with a net profit increase of 963.10% [1] - Wei Ce Technology with a 226.41% increase [1] Revenue Growth - 126 companies reported revenue growth, while 98 companies reported a decline [1] - Shen Shen Fang A also led in revenue growth with an increase of 331.66%, totaling 898.85 million yuan [1] - Other companies with significant revenue growth include: - Xin Lei Co. with a revenue of 582.74 million yuan, down 11.72% [1] - Wei Ce Technology with a revenue increase of 46.22% [1] Performance Highlights - Companies with notable performance increases include: - Shen Shen Fang A with the highest net profit growth [1] - Xian Lei Co. and Wei Ce Technology also showed significant growth in both net profit and revenue [1] - Conversely, companies like Mei Li Yun and Lian Jian Guang Dian reported substantial declines in revenue, with decreases of 63.03% and 18.73% respectively [1]

Core Insights - The stock price of Haineng Technology fell by 2.20% on October 27, trading at 4.01 CNY per share with a market capitalization of 9.422 billion CNY [1] - The company has seen a year-to-date stock price increase of 12.96% and a 109.15% year-on-year growth in net profit for the first nine months of 2025 [2][3] Financial Performance - For the period from January to September 2025, Haineng Technology reported a revenue of 1.942 billion CNY, reflecting a 5.60% increase year-on-year [2] - The net profit attributable to the parent company was 57.9511 million CNY, showing a significant increase of 109.15% compared to the previous year [2] Shareholder Information - As of October 20, 2025, the number of shareholders increased by 4.90% to 45,800, while the average circulating shares per person decreased by 4.67% to 50,928 shares [2] - The company has distributed a total of 863 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Business Overview - Haineng Technology, established on June 3, 1997, specializes in the research, production, and sales of environmentally friendly materials and chemical products, among other services [2] - The main revenue sources are environmentally friendly materials and chemical products (50.98%) and hydrocarbon-based biodiesel (48.51%) [2]

Core Viewpoint - The company has successfully turned around its performance in the hydrocarbon biodiesel market, achieving significant revenue growth and profitability in the first three quarters of 2025 [1][3]. Financial Performance - The company reported a total revenue of 1.942 billion yuan and a net profit attributable to shareholders of 57.95 million yuan for the first three quarters of 2025 [1]. - In Q3 2025, the company achieved a revenue of 958 million yuan, representing a year-on-year increase of 63.82% [1]. - The net profit for Q3 2025 was 93.33 million yuan, following a profit of 14.52 million yuan in Q2 2025 [1]. - The company's debt ratio decreased to 29.81% by the end of September 2025, down from 38.99% at the end of 2024, reflecting a reduction of 9.18 percentage points [1]. - Financial, management, and sales expenses all decreased year-on-year [1]. Strategic Focus - The company has identified bioenergy as its core strategic pillar, implementing innovative sales strategies to expand its non-EU customer base and successfully fulfilling long-term sales contracts with these clients [1]. - The operational management level has improved steadily, with ongoing optimizations in quality control, supplier management, and catalyst solutions [1]. Industry Trends - Sustainable Aviation Fuel (SAF) is highlighted as a key growth area, with the company focusing on this sector due to its significant carbon reduction capabilities and compatibility with traditional aviation fuels [2]. - The company has established a stable operation of its subsidiary project, enhancing its supply chain capabilities and securing long-term contracts with core suppliers [2]. - The company has received approval for SAF exports, allowing it to independently apply for export licenses, which will enhance its production planning and international competitiveness [2]. Market Outlook - Global demand for SAF is expected to surge due to mandatory blending policies, with the EU projected to consume approximately 610,000 tons of SAF in 2024 and an additional 1.3 million tons in 2025 [3]. - In China, the SAF demand is estimated to reach around 2.49 million tons by 2030, driven by a blending ratio target set by IATA [3]. - The price of SAF has risen significantly, with the offshore high-end price reaching 2,500 USD per ton as of October 18, 2025, marking a 38.9% increase since the beginning of the year [3]. - The company is expected to achieve a full-year turnaround in 2025, providing better returns to shareholders while continuing to invest in long-term growth [3].

Core Viewpoint - The company, Beijing Hai New Energy Technology Co., Ltd. (Hai New Energy), reported significant growth in revenue and profit for Q3 2025, driven by opportunities in the hydrocarbon biodiesel market and effective sales strategies [2][3]. Financial Performance - In Q3 2025, the company achieved revenue of 958 million yuan, a year-on-year increase of 63.82% [2]. - From January to September 2025, the company reported total revenue of 1.942 billion yuan, up 5.60% year-on-year, and a net profit of 57.95 million yuan, marking a turnaround from losses [2]. Business Development - The company has successfully turned around its business segments to profitability by leveraging market opportunities in hydrocarbon biodiesel [2]. - Hai New Energy has expanded its customer base beyond the EU and is executing long-term contracts with European clients, enhancing its market adaptability [2]. Regulatory Approval - The company's subsidiary, Shandong Sanju Bioenergy Co., Ltd., received approval from multiple Chinese government departments to participate in a pilot program for the export of biodiesel, allowing it to produce up to 158,000 tons of biodiesel annually [2][3]. Production Capacity - The company operates a biodiesel isomerization project with a capacity of 200,000 tons per year, producing approximately 160,000 tons of bio-jet fuel annually [4]. - The qualification for the export whitelist is expected to improve production planning and capacity utilization [4]. Market Outlook - The global demand for biofuels in the aviation sector is projected to exceed 300 million tons by 2050, presenting a market opportunity worth trillions of dollars [4]. - The company plans to focus on internal and external growth in the bioenergy sector over the next three years, including raw material collection, product upgrades, and strategic partnerships [4][5]. Innovation and R&D - The company aims to enhance the competitiveness of its catalytic purification products and expand market share through continuous technological innovation and increased R&D investment [5].