以下文章来源于浩海投研 ，作者浩海投研Pro 浩海投研 . 股海无边，浩海领航 导语：熔盐储能头部企业百川畅银换道超车。 最近资本市场大火的 可控核聚变 ，让上游材料 熔盐 走入二级市场投资者的视线。你知道吗，熔 盐不仅可以应用在可控核聚变发电，还能用在 储能 领域。今天，咱们就看看这两年风很大的储 能行业中， 熔盐储能 头部企业 百川畅银 （300614）换道超车，在熔盐储能这一领域，能跑多 远？ 百川畅银对于二级市场来说算是环保赛道上的老兵，在谋求企业转型的过程中，公司立足于沼气 业务的基本盘，又抓住出海机遇，利用海外电价市场化的优势大赚了一把，积极布局 熔盐储能 和光热发电，还把 自研 的移动储能车开到千行百业，帮助B端客户实现 降本增效 。 可以说，碳中和背景下，国家大力推动"光热+储能"基地项目，公司卡位精准。 出海提速，高毛利业务拉动盈利优化 百川畅银成立于2009年，主营业务覆盖沼气利用、移动储能供热及环卫再生资源回收三大板块。 2025年上半年，公司实现营收2.05亿元，其中 沼气业务 收入0.98亿元，占比近48%，仍是当 前收入的"压舱石"。然而，国内沼气发电市场已渐成红海，补贴退坡、电价 ...

（原标题：百川畅银：熔盐储能突破！移动供热车已盈利，业绩拐点将至？） 最近资本市场大火的可控核聚变，让上游材料熔盐走入二级市场投资者的视线。你知道吗，熔盐不仅可 以应用在可控核聚变发电，还能用在储能领域。今天，咱们就看看这两年风很大的储能行业中，熔盐储 能头部企业百川畅银(300614)换道超车，在熔盐储能这一领域，能跑多远？ 百川畅银对于二级市场来说算是环保赛道上的老兵，在谋求企业转型的过程中，公司立足于沼气业务的 基本盘，又抓住出海机遇，利用海外电价市场化的优势大赚了一把，积极布局熔盐储能和光热发电，还 把自研的移动储能车开到千行百业，帮助B端客户实现降本增效。 百川畅银成立于2009年，主营业务覆盖沼气利用、移动储能供热及环卫再生资源回收三大板块。 2025年上半年，公司实现营收2.05亿元，其中沼气业务收入0.98亿元，占比近48%，仍是当前收入的"压 舱石"。然而，国内沼气发电市场已渐成红海，补贴退坡、电价锁定、成本攀升，利润空间不断收窄。 业绩承压，百川要破局转型，于是将目光投向海外，借助电价市场化程度高的地区，快速落地沼气与光 伏项目。从哥伦比亚科尔多瓦省的光伏电站，到马来西亚怡保的2MW沼气项 ...

截至发稿，陈加荣累计任职时间16年337天，现任基金资产总规模5138.02万元，任职期间最佳基金回报 45.74%， 任职期间最差基金回报-4.97%。 11月20日，百川畅银涨5.48%，截至发稿，报14.05元/股，成交8131.26万元，换手率3.81%，总市值 22.54亿元。 资料显示，河南百川畅银环保能源股份有限公司位于河南省郑州市郑东新区如意西路如意河西二街楷林 大厦10楼，成立日期2009年4月2日，上市日期2021年5月25日，公司主营业务涉及垃圾填埋气发电。主 营业务收入构成为：电力43.93%，热力20.35%，其他19.00%，环卫及再生资源回收服务16.72%。 从基金十大重仓股角度 数据显示，招商基金旗下1只基金重仓百川畅银。招商稳兴混合A（010503）三季度持有股数2500股， 占基金净值比例为0.08%，位居第八大重仓股。根据测算，今日浮盈赚取约1825元。 招商稳兴混合A（010503）成立日期2021年2月5日，最新规模2399.66万。今年以来收益2.36%，同类排 名7452/8136；近一年收益2.62%，同类排名7426/8055；成立以来收益1.43%。 招商 ...

Market Overview - The environmental governance sector experienced a decline of 0.92% on November 19, with Baichuan Changyin leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Notable gainers in the environmental governance sector included: - Jinyuan Co., Ltd. (Code: 000546) with a closing price of 7.60, up 9.99% on a trading volume of 414,700 shares and a transaction value of 312 million [1] - China Electric Environmental Protection (Code: 300172) closed at 6.17, up 6.93% with a trading volume of 1,215,500 shares and a transaction value of 753 million [1] - Conversely, Baichuan Changyin (Code: 300614) saw a significant decline of 9.20%, closing at 13.32 with a trading volume of 72,200 shares [2] Capital Flow - The environmental governance sector saw a net outflow of 714 million from institutional investors, while retail investors contributed a net inflow of 581 million [2][3] - The top stocks by net inflow from institutional investors included: - Jinyuan Co., Ltd. with a net inflow of 59.06 million, representing 18.92% of its trading volume [3] - Beijiete (Code: 300774) with a net inflow of 55.54 million, accounting for 15.56% [3]

（编辑 袁冠琳） 证券日报网讯 百川畅银11月17日在互动平台回答投资者提问时表示，随着技术持续进步，沼气发电的 成本正逐步降低。相关研究表明，其在环境效益方面优势显著，整体环境影响负荷低于传统燃煤发电。 公司始终专注于沼气综合利用领域，紧密配合国家绿色低碳政策导向，通过持续的技术创新与运营优 化，不断提升项目效益，致力于为投资者创造可持续的长期价值。 ...

中国经济网北京11月14日讯 百川畅银(300614.SZ)日前披露2025年三季度报告。 2025年1-9月，公司实现营业收入3.01亿元，同比下降12.09%；归属于上市公司股东的净利润 为-7,634.96万元，上年同期为-7,433.82万元；归属于上市公司股东的扣除非经常性损益的净利润 为-7,283.40万元，上年同期为-7,135.85万元；经营活动产生的现金流量净额为1.07亿元，同比增长 293.65%。 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 増減 | | 年同期增減 | | 营业收入(元) | 96, 425, 995. 97 | -14. 75% | 301, 239, 187. 13 | -12. 09% | | 归属于上市公司股东 的净利润(元) | -38, 079, 710. 17 | -28. 12% | -76, 349, 622. 91 | -2.71% | | 归属于上市公司股东 | | | | | | 的扣除非经常性损益 | -34, 017, ...

Core Points - Several listed companies in China have recently faced environmental penalties, highlighting ongoing issues with compliance and regulatory oversight in the industry [1][2][3][4] Group 1: Environmental Violations and Penalties - Tibet Tianlu received two fines totaling 239,900 yuan for discharging untreated wastewater and failing to properly handle stripped topsoil [1][2] - Shengyang Co. was fined 100,000 yuan for improperly storing hazardous waste, specifically dismantled lead-acid batteries [3] - Baichuan Changyin's subsidiary was penalized 235,000 yuan for evading regulatory oversight by not operating air pollution control facilities [4] Group 2: Regulatory Context and Reporting - The A-share Green Weekly, published by a collaboration between a media outlet and an environmental NGO, collects and analyzes environmental data from thousands of listed companies to promote transparency [1] - The report indicates that 8 listed companies were recently identified with environmental risks, with 4 being state-controlled enterprises [1] - The increasing public demand for environmental information and the legal framework supporting transparency are emphasized, indicating a shift towards greater accountability in environmental practices [5]

Core Insights - Environmental risks are increasingly becoming a significant operational risk for listed companies, impacting both their development and public image [1][2]. Group 1: Environmental Violations and Penalties - Tibet Tianlu received two fines totaling 239,900 yuan for discharging untreated wastewater and failing to properly handle stripped topsoil [2]. - Baichuan Changyin's subsidiary was fined 235,000 yuan for evading regulatory oversight in air pollutant emissions [3]. - Shengyang Co. was penalized for improperly storing solid waste, specifically lead-acid batteries [2][4]. - Hualing Precision was fined for not operating pollution control equipment during production, but received a lighter penalty due to proactive remediation efforts [4]. Group 2: Regulatory Context and Investor Implications - The report highlights that 8 listed companies were recently identified with environmental risks, affecting approximately 815,300 shareholders [1]. - The increasing emphasis on ESG (Environmental, Social, and Governance) principles is leading investors to prioritize companies' sustainable development capabilities [4]. - The public's right to access environmental information is supported by various laws, enhancing transparency and accountability in environmental governance [4].

Core Points - Eight listed companies have recently exposed environmental risks, with specific penalties issued for violations [11][12][15] - The report highlights the increasing importance of environmental risks in corporate management and investor considerations [12][21] Group 1: Company Penalties - Tibet Tianlu received two fines totaling 239,900 yuan for illegal wastewater discharge and improper handling of stripped topsoil [10][17] - Baichuan Changyin Holdings was fined 235,000 yuan for evading regulatory oversight in pollutant emissions [4][19] - Shengyang Co. was fined 100,000 yuan for improper storage of hazardous waste [18][20] - Hualing Precision was fined 217,000 yuan for failing to operate pollution control facilities properly [20] Group 2: Regulatory Context - The report is based on data collected from 31 provinces and 337 cities, analyzing environmental performance of thousands of listed companies [10][9] - The increasing focus on ESG (Environmental, Social, and Governance) principles is driving investors to pay more attention to companies' sustainable development capabilities [21] - The legal framework for environmental information disclosure has been strengthened, promoting transparency and public participation in environmental protection [21]

Group 1 - The core point of the article is that Baichuan Changyin (SZ 300614) held its fourth session of the eighth board meeting on November 7, 2025, to discuss the proposal for the first bondholders' meeting of "Baichang Convertible Bonds" [1] - For the first half of 2025, Baichuan Changyin's revenue composition was as follows: biogas utilization revenue accounted for 47.96%, heating sales accounted for 27.94%, environmental sanitation and recycling services accounted for 16.78%, and other revenues accounted for 7.31% [1] - As of the report date, Baichuan Changyin's market capitalization was 2.3 billion yuan [1] Group 2 - The article also highlights the challenges in the domestic art insurance market, noting that the Louvre theft incident involved uninsured artifacts, and the market for art insurance in China is valued at 4.8 billion yuan, with insurers citing difficulties in pricing [1]