Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Views - The report highlights a 7.9% year-on-year increase in national electricity market trading volume from January to October 2025, with significant growth in green electricity trading [2][15]. - The controlled nuclear fusion industry is experiencing accelerated capital expenditure, with a notable increase in project bidding activity [3][17]. - The report emphasizes the importance of policies supporting renewable energy development, predicting stable profitability for new energy generation [4][22]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.64%, while the public utility and environmental indices increased by 0.89% and 1.59%, respectively [1][14]. - Within the electricity sector, thermal power increased by 1.60%, while hydropower and new energy generation saw smaller gains [1][24]. Important Events - In October 2025, the national electricity market trading volume reached 563.8 billion kWh, marking a 15.6% increase year-on-year [2][15]. - The cumulative trading volume for the first ten months of 2025 was 5,492 billion kWh, accounting for 63.7% of total electricity consumption, up 1.5 percentage points from the previous year [2][15]. Specialized Research - The report details 35 public bidding projects in the controlled nuclear fusion sector from October to November 2025, with a total estimated contract value of 2.6 billion yuan [3][17]. - The bidding activity has significantly accelerated compared to previous months, indicating a growing interest and investment in this area [3][17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [4][22]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [4][22]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for various companies, all maintaining an "Outperform" rating, including Huadian International, Longyuan Power, and China Nuclear Power [8][22].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation [22]. - The report emphasizes the importance of the new retail pricing mechanism in Sichuan's electricity market, which is expected to enhance the integration of commercial storage resources by virtual power plants [18][20]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, while the public utility index dropped by 4.33% and the environmental index decreased by 6.02% [15][25]. - Within the electricity sector, thermal power declined by 4.68%, hydropower by 1.44%, and renewable energy generation by 5.67% [15][26]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16][17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - The report suggests focusing on water and waste incineration sectors, which are entering maturity with improved free cash flow, and highlights investment opportunities in companies like China Everbright Environment and Zhongshan Public Utilities [23]. - The report also points out the potential in the domestic waste oil recycling industry due to the EU's SAF blending policy, recommending companies like Shangaohuaneng [23]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, indicating a positive outlook for those in the public utility and environmental sectors [8].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power enterprises such as Huadian International and Shanghai Electric, which has relatively stable regional electricity prices [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation. Recommended companies include leading national renewable energy firms Longyuan Power and Three Gorges Energy, as well as regional offshore wind power companies [22]. - The report suggests that the growth in installed capacity and electricity generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China National Nuclear Power and China General Nuclear Power [22]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Longjiang Power, which combines stability and growth [22]. - The report identifies investment opportunities in the environmental sector, particularly in water and waste incineration industries, which are entering a mature phase with improved free cash flow [23]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, with the public utility index down 4.33% and the environmental index down 6.02%. The relative performance of public utilities and environmental sectors ranked 10th and 23rd among 31 first-level industry classifications [15][25]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection and restoration projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16]. Investment Strategy - The report recommends various companies across different sectors, including: - Thermal Power: Huadian International and Shanghai Electric - Renewable Energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies - Nuclear Power: China National Nuclear Power and China General Nuclear Power - Hydropower: Longjiang Power - Environmental: Guangda Environment and Zhongshan Public Utilities, focusing on mature sectors with improved cash flow [3][22][23]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform," including Huadian International, Longyuan Power, and Guangda Environment, among others [7][8].

Core Viewpoint - The stock of 聚光科技 (Juguang Technology) has experienced fluctuations, with a recent decline of 2.06% and a total market capitalization of 6.825 billion yuan. The company has faced a decrease in revenue and profit in the first nine months of 2025 compared to the previous year [1][2]. Financial Performance - As of September 30, 2025, 聚光科技 reported a revenue of 2.05 billion yuan, a year-on-year decrease of 11.10% [2]. - The net profit attributable to shareholders was -62.34 million yuan, representing a significant year-on-year decrease of 152.98% [2]. - The company has cumulatively distributed 630 million yuan in dividends since its A-share listing, with 112 million yuan distributed in the last three years [3]. Stock Market Activity - On November 28, 2025, 聚光科技's stock price was 15.21 yuan per share, with a trading volume of 51.77 million yuan and a turnover rate of 0.75% [1]. - The stock has increased by 1.54% year-to-date, but has seen a decline of 8.37% over the past 20 days and 28.12% over the past 60 days [1]. - The company has appeared on the龙虎榜 (top trading list) once this year, with the last occurrence on April 9 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 13.30% to 23,000, while the average number of circulating shares per person decreased by 11.74% to 19,483 shares [2]. - The top three circulating shareholders include Hong Kong Central Clearing Limited, which reduced its holdings by 5.19 million shares, and 睿远成长价值混合A, which increased its holdings by 2.42 million shares [3].

每经AI快讯，聚光科技（SZ 300203，收盘价：15.42元）11月26日晚间发布公告称，公司第五届第五次 董事会会议于2025年11月26日以通讯表决的方式召开。会议审议了《关于修订 <独立董事制度> 的议 案》等文件。 2025年1至6月份，聚光科技的营业收入构成为：仪器和相关软件及耗材占比69.24%，运营服务和检测 服务及咨询服务占比16.42%，环境治理装备及工程占比10.46%，其他业务占比3.87%。 截至发稿，聚光科技市值为69亿元。 每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 （记者 张明双） ...

独立董事制度 第一章 总则 独立董事应当按照相关法律、行政法规、中国证监会规定、深圳证券交易所业 务规则和公司章程的规定, 认真履行职责, 在董事会中发挥参与决策、监督制 衡、专业咨询作用, 维护公司整体利益, 保护中小股东合法权益不受损害。 独立董事应当独立履行职责, 不受公司及其主要股东、实际控制人或者其他与 公司存在利害关系的单位或个人的影响。若发现所审议事项存在影响其独立性 的情况, 应向公司申明并实行回避。任职期间出现明显影响独立性情形的, 应 及时通知公司并辞职。 聚光科技(杭州)股份有限公司 独立董事原则上最多在三家境内上市公司(包含本公司)担任独立董事, 并确保 有足够的时间和精力有效地履行独立董事的职责。 1 第一条 为进一步完善聚光科技(杭州)股份有限公司(以下简称"公司")的治理结构, 促 进公司的规范运作, 根据《中华人民共和国公司法》(以下简称"《公司法》")、 《中华人民共和国证券法》(以下简称"《证券法》")、《深圳证券交易所创 业板股票上市规则》《上市公司独立董事管理办法》《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》等法律、法规和规范性 文件及《 ...

聚光科技(杭州)股份有限公司 内幕信息知情人登记制度 第一章 总则 1 第一条 为加强聚光科技(杭州)股份有限公司(以下简称"公司")内幕信息管理, 做好内 幕信息保密工作, 维护信息披露的公平原则, 保护广大投资者的合法权益, 根 据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司信息披露 管理办法》《深圳证券交易所创业板股票上市规则》《上市公司监管指引第 5 号——上市公司内幕信息知情人登记管理制度》《深圳证券交易所上市公司自 律监管指引第 5 号——信息披露事务管理》等有关法律、法规、业务规则及公 司章程的有关规定, 结合公司实际情况, 特制定本制度。 第二条 内幕信息的管理工作由董事会负责, 董事会应当保证内幕信息知情人档案真实、 准确和完整, 报送及时, 董事长为主要责任人。内幕信息的管理工作由董事会 秘书组织实施, 董事会秘书负责办理公司内幕信息知情人的登记入档和报送事 宜。董事会办公室协助董事会秘书做好公司内幕信息的日常管理工作。 第三条 未经董事会批准同意, 公司任何部门和个人不得向外界泄露、报道、传送有关 公司内幕信息及信息披露的内容。对外报道、传送的文件、音像及光盘等涉及 内幕信 ...

聚光科技(杭州)股份有限公司 对外投资管理制度 第二章 对外投资决策权限 第四条 公司股东会、董事会、董事长和总经理为公司对外投资的决策机构, 各自在其 权限范围内, 依法对公司的对外投资作出决策。 1 第一条 为了规范聚光科技(杭州)股份有限公司(以下简称"公司")对外投资行为, 防范 投资风险, 提高对外投资效益, 根据《中华人民共和国公司法》(以下简称"《公 司法》")、《中华人民共和国证券法》《深圳证券交易所创业板股票上市规则》 (以下简称"《上市规则》"等法律法规的相关规定, 结合《聚光科技(杭州)股份 有限公司章程》(以下简称"公司章程")制定本制度。 第二条 本制度所称对外投资, 是指公司在境内外进行的下列以盈利或保值增值为目的 的投资行为: (一) 新设立企业的股权投资; (二) 新增投资企业的增资扩股、股权收购投资; (三) 现有投资企业的增资扩股、股权收购投资; (四) 公司经营性项目及资产投资; (五) 股票、基金投资; (六) 债券、委托贷款及其他债权投资; (七) 法律、法规规定或深圳证券交易所认定的其他投资。 上述指标计算中涉及的数据如为负值, 取其绝对值计算。 第一章 总 则 本 ...

聚光科技(杭州)股份有限公司 对外提供财务资助管理制度 第一章 总则 (一)公司以对外提供借款、贷款等融资业务为其主营业务; (二)资助对象为公司合并报表范围内且持股比例超过 50%的控股子公 司, 且该控股子公司其他股东中不包含公司的控股股东、实际控制人及 其关联人。 公司向与关联人共同投资形成的控股子公司提供财务资助, 参照本制 度执行。 第三条 公司存在下列情形之一的, 应当参照本制度的规定执行: (一)在主营业务范围外以实物资产、无形资产等方式对外提供资助; (二)为他人承担费用; (三)无偿提供资产使用权或者收取资产使用权的费用明显低于行业一 般水平; (四)支付预付款比例明显高于同行业一般水平; (五)深圳证券交易所(以下简称"深交所")认定的其他构成实质性财务 资助的行为。 第六条 公司的关联参股公司(不包括公司控股股东、实际控制人及其关联人控 制的主体)的其他股东按出资比例提供同等条件的财务资助的, 公司可 以向该关联参股公司提供财务资助, 应当经全体非关联董事的过半数 审议通过, 还应当经出席董事会会议的非关联董事的三分之二以上董 事审议通过, 并提交股东会审议。 第二章 对外提供财务资助的 ...

聚光科技（杭州）股份有限公司 互动易平台信息发布及回复内部审核制度 第一章 总则 第一条 为充分利用深圳证券交易所（以下简称"深交所"）搭建的互动易 平台，规范聚光科技（杭州）股份有限公司（以下简称"公司"）通过互动易平 台与投资者交流，建立公司与投资者良好沟通机制，持续提升公司治理水平，提 高公司质量，根据中国证券监督管理委员会（以下简称"中国证监会"）《上市 公司信息披露管理办法》《深圳证券交易所上市公司自律监管指引第 2 号—创业 板上市公司规范运作》《深圳证券交易所创业板上市公司自律监管指南第 1 号— 业务办理》等规定，制定本制度。 第二章 总体要求 第二条 公司在深交所投资者关系互动平台（以下简称"互动易"）信息发 布及回复的总体要求。 （一）不得涉及未公开重大信息。投资者提问涉及已披露事项的，公司可以 对投资者的提问进行充分、详细地说明和答复；涉及或者可能涉及未披露事项的， 公司应当告知投资者关注公司的信息披露公告。公司不得以互动易平台发布或回 复信息等形式代替信息披露或泄露未公开重大信息。 （二）不得选择性发布或回复。公司在互动易平台发布信息或者回复投资者 提问时，应当保证发布信息及回复投资者 ...