业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com ⚫ 电力： 1~2 月水电发电增速显著，第二产业拉动用电增长。2026 年 1-2 月发电量 15718 亿千瓦时，同比增长 4.1%，其中火力发电 10539 亿千瓦时，同比增长 3.3%；水 力发电 1560 亿千瓦时，同比增长 6.8%。总体而言，1-2 月份规上工业火电由降转增， 水电增速加快，核电、风电、太阳能发电增速放缓。2026 年初发电量与增速同比提升， 主要是因为上年同期基数较低。而且阶段性气温因素，1-2 月的冷暖波动较大带动采暖负 荷上升，提升电力需求的强度。电力生产由 2025 年初的低位逐步恢复到正常增速区间。 2026 年 1-2 月全社会用电量 16546 亿 ...

业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 2026 年 03 月 23 日 1-2 月发用电开局良好 中东局势升 级欧亚气价上涨 看好 ——申万公用环保周报(26/3/16~26/3/20) 行 - 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 公用事业 ⚫ 电力： 1~2 月水电发电增速显著，第二产业拉动用电增长。2026 年 1-2 月发电量 15718 亿千瓦时，同比增长 4.1%，其中火力发电 10539 亿千瓦时，同比增长 3.3%；水 力发电 1560 亿千瓦时，同比增长 6.8%。总体而言，1-2 月份规上工业火电由降转增， 水电增速加快，核电、风电、太阳能发电增速放缓。 ...

2024 年 2 月 8 日，公司披露了《关于公司实际控制人被采取强制措施的公告》 （公告编号：2024-012），王洪春先生因涉嫌内幕交易罪被无锡市公安局刑事拘留。 2024 年 3 月 8 日，公司披露了《关于公司实际控制人被变更强制措施取保候 审的公告》（公告编号：2024-014），王洪春先生被变更强制措施取保候审。 二、该事项对公司的影响 截至本公告披露日，王洪春先生未担任公司的董事或高级管理人员职务。上述 诉讼为实际控制人的个人事务，不会对公司日常生产经营造成重大影响。公司已建 立完善的治理结构及内部控制机制，日常经营管理由高级管理人员团队负责。目前， 公司及子公司生产经营秩序正常，各项业务稳步推进。 证券代码：300664 证券简称：鹏鹞环保 公告编号：2026-002 鹏鹞环保股份有限公司 关于实际控制人收到起诉书与传票的公告 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。 鹏鹞环保股份有限公司（以下简称"公司"）今日收到公司实际控制人之一王 洪春先生的通知，其于 2026 年 3 月 19 日收到江苏省无锡市人民检察院《起诉书》 （锡检刑诉〔 ...

Group 1: Core Business and Service Models - The company operates under a long-term asset holding and service fee model, primarily through BOT and TOT modes, serving government clients nationwide with stable returns from water treatment fees [3]. - The project contracting and EPC services are mainly targeted at local governments and industrial enterprises needing internal water treatment facilities, generating revenue through comprehensive project delivery [3]. - The product sales and technology output include traditional environmental equipment and innovative solutions like the SEED low-carbon water plant, showcasing the potential for technology export [3]. Group 2: Profitability and Financial Management - The water treatment sector shows stable profitability, with revenue, cost, and net profit varying due to project scale and technology differences [4]. - The pricing mechanism for water treatment services is based on initial price agreements and periodic adjustments according to operational cost factors, ensuring revenue targets are met [4]. - Recent years have seen significant fluctuations in gross and net profit margins, driven by differing business models and risk exposures across core segments [5]. Group 3: Industry Competition and Market Position - The water and environmental protection sector is transitioning to a mature market, focusing on operational efficiency rather than investment scale, with entry barriers evolving to include technology and management capabilities [9]. - The green fuel market is emerging, driven by policy support, with significant growth expected in the next 5-10 years, particularly in aviation and shipping sectors [10]. - The company maintains a competitive edge through a complete industry chain, high processing capacity, and strong brand recognition, positioning it well against competitors [11]. Group 4: Future Growth and Strategic Initiatives - The company aims to shift its business model towards high-margin operational services, leveraging the SEED low-carbon water plant as a strategic product for growth [4]. - New business opportunities, such as SAF production, are expected to contribute to revenue starting in 2026, following recent technological upgrades [4]. - The company is actively promoting SEED water plants and integrating AI technology to enhance management efficiency and project lifecycle control [20]. Group 5: Financial Health and Cash Flow Management - The company's operating cash flow is improving but remains affected by long payment cycles in engineering projects, with a robust risk control system in place to manage bad debt risks [8]. - Cost control measures are yielding positive results, with a focus on optimizing operational efficiency and reducing expenses through technology and digital management [6].

证券日报网讯2月26日，鹏鹞环保（300664）在互动平台回答投资者提问时表示，目前公司正全力推进 盘锦项目技改升级的收尾工作。待软硬件条件准备就绪后，将分步骤安排开机，并分阶段实现低凝 HVO(加氢植物油)及SAF(可持续航空燃料)的投产。同时，公司将结合对市场需求、产品供需关系及价 格的动态研判，审慎规划产能投放节奏，灵活调整开机时间节点。 ...

（文章来源：证券日报） 证券日报网讯 2月12日，鹏鹞环保在互动平台回答投资者提问时表示，公司2026年2月10日合并普通账 户和融资融券信用账户持有人数为32720户。 ...

Core Viewpoint - The biodiesel sector experienced a decline of 1.1% on February 10, with Fengbei Bio leading the drop. The Shanghai Composite Index rose by 0.13%, while the Shenzhen Component Index increased by 0.02% [1]. Group 1: Market Performance - The closing price of Fengbei Bio was 56.75, reflecting a decrease of 3.21% [1]. - The biodiesel sector saw a net outflow of 56.84 million yuan from main funds, while retail investors contributed a net inflow of 46.01 million yuan [1]. - The trading volume for the biodiesel sector was significant, with stocks like Zhongliang Technology and Haixin Energy showing notable trading activity [1]. Group 2: Individual Stock Analysis - Zhongliang Technology closed at 6.43, down by 0.77%, with a trading volume of 217,100 shares [1]. - Fengbei Bio had a net outflow of 8.37 million yuan from main funds, while retail investors contributed a net inflow of 5.62 million yuan [2]. - The stock of Zhuoyue New Energy closed at 76.28, down by 1.56%, with a significant net outflow of 19.20 million yuan from main funds [2].

证券日报网讯2月3日，鹏鹞环保（300664）在互动平台回答投资者提问时表示，公司2026年1月30日合 并普通账户和融资融券信用账户持有人数为32600户。 ...

Investment Rating - The industry is rated as "Outperform the Market - A" [4] Core Insights - The price increase of dyes has been realized, and attention should be paid to changes in the SAF (Sustainable Aviation Fuel) industry chain [1][12] - The supply of key intermediate H acid is under pressure due to environmental and safety production constraints, leading to a significant cost increase for active dyes [2][3] - The industry is experiencing a dual transformation in cost and market structure, with a focus on the concentration of market share among leading companies due to stricter environmental regulations [10][9] Summary by Sections Key Intermediate Supply and Price Dynamics - H acid, essential for producing active dyes, faces supply constraints due to environmental pressures and production incidents, leading to a projected price increase that could raise active dye production costs significantly [2][3] - The effective capacity of H acid is currently below 60,000 tons, with a potential reduction of over 25% due to maintenance shutdowns, reinforcing cost support expectations for active dyes [2] Market Structure and Environmental Regulations - The dye industry is undergoing a consolidation phase, with many non-compliant small manufacturers exiting the market, leading to a more oligopolistic structure [3][10] - The active dye market's CR4 (concentration ratio) is 64.91%, while the dispersed dye market's CR4 is 70.69%, indicating a significant level of market concentration [10] Investment Opportunities - Companies to watch include Runtao Co., Zhejiang Longsheng, Jinji Co., Jihua Group, Yabang Co., Annuoqi, Fulei Ant, Wanfeng Co., and Haixiang Pharmaceutical, which are positioned to benefit from the evolving market dynamics [11] - The SAF sector is also highlighted for potential growth, with expected increases in demand driven by regulatory changes and market dynamics [12][14]

Core Viewpoint - The company is focusing on the development of Sustainable Aviation Fuel (SAF) to replace traditional fossil aviation fuel and reduce carbon emissions, primarily in the commercial aviation sector [1] Group 1: Company Developments - The company is accelerating the completion of technical upgrades for the Panjin project [1] - Future capacity deployment will be cautiously planned based on supply-demand analysis and pricing assessments [1] - The company will initiate operations once both hardware and software conditions are met [1]