Core Viewpoint - The article highlights the journey of Pengyao Environmental Protection, showcasing its innovative approach and leadership in the Chinese environmental industry over the past 40 years, particularly through the introduction of the SEED low-carbon green energy water plant concept [2][3]. Group 1: Company Innovation - Pengyao Environmental Protection has pioneered several firsts in the industry, including the first batch of commercialized environmental products, the exploration of the BOT model, and the introduction of the SEED low-carbon green energy water plant [2]. - The SEED water plant utilizes stainless steel or high-strength steel, integrating photovoltaic buildings with energy storage and intelligent control systems, representing a revolutionary product in the environmental technology field [3]. - The SEED water plant reduces land use by 50% to 60% and can be constructed indoors, which minimizes natural depreciation and enhances operational efficiency [4]. Group 2: Market Recognition and Expansion - The SEED water plant has gained market recognition, with multiple projects secured since its large-scale promotion began in the second half of the previous year [5]. - The company is focusing on deepening its involvement in this innovative field and has initiated international expansion, recently securing a 20,000-ton water supply project in Myanmar [5]. Group 3: Industry Dynamics - The water industry is transitioning from "incremental competition" to "stock optimization," with a decrease in new project numbers and a focus on small and medium-sized water plants and renovation projects [6]. - The company has maintained a strong cash flow, allowing it to navigate the challenging market environment and seize development opportunities [6]. - The company has strategically avoided pitfalls during industry booms, such as the PPP craze and the biodiesel investment surge, by focusing on core operations and maintaining a prudent approach [7].

Core Viewpoint - The article highlights the journey and innovative breakthroughs of Pengyao Environmental Protection, emphasizing its role as a leader in China's environmental industry over the past 40 years, particularly through the introduction of the SEED low-carbon green energy water plant concept [2][3]. Company Innovation - Pengyao Environmental Protection has pioneered several firsts in the industry, including the first batch of commercialized environmental products in China, the exploration of the BOT model, and the introduction of the SEED low-carbon green energy water plant [2]. - The SEED water plant utilizes stainless steel or high-strength steel, integrating photovoltaic buildings with energy storage and intelligent control systems, representing a revolutionary product in the environmental technology field [3]. SEED Water Plant Advantages - The SEED water plant reduces land use by 50% to 60% and can be constructed indoors, overcoming traditional water plant limitations [3][4]. - Indoor water plants significantly lower natural depreciation rates and provide stable conditions for electrical instruments, enhancing intelligent control capabilities [4]. - The SEED water plant's energy consumption is greatly reduced due to its integrated design and energy-efficient water treatment processes, leading to lower operational costs [4]. Market Position and Strategy - The company has accelerated the commercialization of the SEED water plant, securing multiple projects since its large-scale promotion began last year [4][6]. - Pengyao Environmental Protection maintains a strong cash flow, allowing it to navigate challenging market conditions and seize development opportunities [6]. - The company has shifted from "incremental competition" to "stock optimization" in the water industry, focusing on smaller water plants and renovation projects as larger projects have been completed [6]. Historical Context and Resilience - The company has faced various challenges over its 40-year history, adapting its strategies to avoid pitfalls while capitalizing on industry trends [6][7]. - Pengyao Environmental Protection has strategically chosen to deepen its core business and expand wastewater treatment facilities, avoiding the risks associated with the PPP boom and the biodiesel investment frenzy [6][7]. Future Outlook - The company is prepared for the upcoming changes in the water industry, anticipating improvements in environmental standards and the implementation of dual carbon goals over the next 3 to 5 years [7].

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power, Huaneng International, and Kunlun Energy, among others [49][51]. Core Insights - The adjustment of capacity prices for coal and gas power plants in Guangdong is expected to improve profitability for gas power plants significantly, with capacity prices increasing by 65% to 296% depending on the type of gas plant [4][10]. - The rapid development of renewable energy installations in Guangdong has increased the reliance on coal power for flexible peak regulation, with renewable energy capacity reaching 59.13 million kW by the end of 2024, accounting for 26.6% of the total installed capacity [9][10]. - The report highlights the geopolitical factors affecting natural gas prices, with European gas prices experiencing a slight increase due to renewed geopolitical tensions, while U.S. gas prices remain stable [13][20]. Summary by Sections 1. Power Sector - Guangdong has raised the capacity price for coal power plants to 165 RMB per kW per year starting January 1, 2026, and for gas power plants, prices will range from 165 to 396 RMB per kW per year starting August 1, 2025 [8][10]. - The increase in capacity prices is expected to provide annual revenue boosts of 1.72 billion RMB for Guangdong Power A and 350 million RMB for Guangzhou Development [11]. 2. Gas Sector - As of August 1, 2025, the Henry Hub spot price is $3.00/mmBtu, while the TTF spot price in Europe is €32.95/MWh, reflecting a week-on-week increase of 2.74% [13][14]. - The report notes that the domestic LNG price is 4388 RMB per ton, showing a week-on-week decrease of 1.06% [32]. 3. Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, power, and environmental sectors lagged behind [39]. 4. Company and Industry Dynamics - The National Energy Administration has released guidelines to enhance the management of natural gas pipeline transportation prices, promoting transparency and optimizing resource allocation [37]. - The report discusses the performance of key companies, including Huaneng International and Inner Mongolia Huadian, with varying revenue and profit trends [44].

相关上市企业：山高环能（000803）、天基生物（874646）、卓越新能（688196）、朗坤科技 （301305）、嘉澳环保（603822）、海新能科（300072）、鹏鹞环保（300664）等。 相关企业：四川健骑士生物科技有限公司、郑州中洁废弃油脂处理有限公司、临海市绿马废弃油脂有限 公司、萧县康得利油脂科技有限公司、连云港市金来福油脂有限公司、苏州丰倍生物科技股份有限公 司、东千里驹再生资源利用有限公司、陕西荣元再生能源发展有限公司等。 内容概要：近年来，我国废弃油脂回收行业市场规模总体呈现上升趋势，从2020年的77.36亿元增长至 2024年220亿元。这一方面得益于国家对环保重视程度的提高，出台了一系列政策鼓励废弃油脂的回收 利用，如2024年3月国务院发布的《推动大规模设备更新和消费品以旧换新行动方案》中，提出积极有 序发展以废弃油脂、非粮生物质为主要原料的生物质液体燃料。另一方面，我国对生物燃料的持续关 注，以废弃油脂为原料的生物柴油凭借其突出的碳减排优势，重要性日益增强，这使得废弃油脂回收行 业市场规模不断扩大。 关键词：废弃油脂回收、废弃油脂、餐饮、产量、市场规模 一、废弃油脂回收行业 ...

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - The report highlights a recovery in electricity consumption in June, driven by the tertiary sector and residential usage, with a total electricity consumption of 8,670 billion kWh, representing a year-on-year growth of 5.4% [15][17]. - Natural gas consumption showed a slight increase in June, with a total apparent consumption of 35.05 billion m³, up 1.4% year-on-year, indicating a recovery in industry sentiment [21][48]. - The report emphasizes the ongoing optimization of energy structure in China, with significant contributions from renewable energy sources, particularly solar and nuclear power [2][8]. Summary by Sections 1. Electricity: June Consumption Growth Accelerates - In June, the industrial electricity generation reached 7,963 billion kWh, a year-on-year increase of 1.7% [7][9]. - The breakdown of electricity generation types shows a decline in hydropower by 4.0%, while nuclear power grew by 10.3%, and solar power surged by 18.3% [9][15]. - The report notes that the second industry contributed significantly to the electricity increment, accounting for 38% of the total increase [16][17]. 2. Natural Gas: Global Price Decline and June Consumption Growth - The report states that the apparent consumption of natural gas in June was 35.05 billion m³, marking a 1.4% increase year-on-year [21][48]. - The average price of LNG in Northeast Asia decreased to $11.90/mmBtu, reflecting a broader trend of declining global gas prices [22][41]. - The report anticipates that the long-term outlook for natural gas will improve due to rising LNG export capacities from the US and the Middle East [48]. 3. Weekly Market Review - The public utilities and environmental sectors underperformed compared to the CSI 300 index, while the electrical equipment sector outperformed [50]. 4. Company and Industry Dynamics - The report mentions the increase in installed capacity for solar and wind energy, with solar capacity growing by 54.2% year-on-year [53]. - It highlights the ongoing construction of large seawater desalination projects in coastal provinces to support high water-consuming industries [53]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utilities and environmental sectors, indicating potential investment opportunities [60].

鹏鹞环保股份有限公司 证券代码：300664 证券简称：鹏鹞环保 公告编号：2025-031 2.股东本次减持前后持股情况 关于部分董事、高级管理人员减持股份计划实施情况的公告 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"）于 2025 年 5 月 9 日披露《关于 公司部分董事、高管减持股份预披露公告》（公告编号：2025-015），公司董事兼 副总经理蒋永军、副总经理吴艳红、副总经理兼董事会秘书夏淑芬及财务总监吕倩 倩计划在公告披露之日起 15 个交易日后的 3 个月内以集中竞价方式减持公司股 份。其中，蒋永军、吴艳红、夏淑芬各自拟减持数量不超过 112,500 股，吕倩倩拟 减持数量不超过 80,000 股。 公司近日收到上述董事、高级管理人员出具的《股份减持情况告知函》，其相 应减持计划已实施完毕，现将减持计划实施情况公告如下： | 股东名称 | 减持方式 | 减持期间 | 减持价格 区间（元/ | 减持均价 | 减持股数 | 减持比例 | | --- | --- | --- | --- | --- | --- ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The supply-demand relationship is expected to improve, with a recovery in the market for photoinitiators. China is the main producer of photoinitiators, and the industry is becoming increasingly concentrated among leading companies. The demand for photoinitiators is anticipated to rise due to the expansion of UV curing applications [5][29] - The price of sustainable aviation fuel (SAF) has been rising, indicating a potential phase of simultaneous volume and price increases. The recent increase in SAF prices is attributed to China's announcement of an export whitelist and quotas, leading to increased inquiries from European buyers [30][31] Summary by Sections 1. Core Viewpoints - The report highlights the expected improvement in the supply-demand dynamics for photoinitiators, with China being a key player in production and export [5][29] - The report suggests that the price of photoinitiators, which has been at historical lows, is likely to recover due to expanding applications in high-end sectors [5][29] - SAF prices have increased significantly, with European prices reaching 2230 USD/ton, reflecting a 9.85% weekly increase and a 25.14% monthly increase [30][31] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 3.1% during the week, outperforming the Shanghai Composite Index by 1.2% [16] - Year-to-date, the basic chemical industry index has risen by 6.4%, outperforming both the Shanghai Composite Index and the ChiNext Index [16] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 372 stocks rose, with the top performers including Dadongnan (+50%) and Taihe Technology (+48.1%) [25][27] - The report notes significant declines in stocks such as Ningxin New Materials (-18.6%) and Jinniu Chemical (-14.4%) [25][27] 4. Key News and Company Announcements - The report emphasizes the recovery potential for photoinitiators and the rising SAF prices as significant developments in the industry [29][30]

关于控股股东部分股份解除质押的公告 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"）近日接到控股股东宜兴鹏鹞投资 有限公司（以下简称"鹏鹞投资"）通知，获悉其办理了部分股份解除质押手续， 具体如下： 二、股东股份累计被质押的情况 证券代码：300664 证券简称：鹏鹞环保 公告编号：2025-030 鹏鹞环保股份有限公司 三、其他说明 1、鹏鹞投资及其一致行动人不存在非经营性资金占用、违规担保等侵害上市 公司利益的情形。 2、鹏鹞投资目前资信状况良好，质押风险在可控范围之内，不存在引发平仓 风险或被强制平仓的情形。 3、公司将持续关注其质押情况及质押风险情况，并严格遵守相关规定及时履 行信息披露义务，敬请投资者注意投资风险。 四、备查文件 1、证券质押及司法冻结明细表、持股 5%以上股东每日持股变化名单、持股 5% 以上股东每日持股变化明细。 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | 已质押股份情 | | 未质押股份情 | | | --- | --- | --- | --- ...

证券代码：300664 证券简称：鹏鹞环保 公告编号：2025-029 鹏鹞环保股份有限公司 2024 年年度权益分派实施公告 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： 1、根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引 第 9 号——回购股份》等规定，鹏鹞环保股份有限公司（以下简称"公司"或"本 公司"）回购专用账户持有的本公司股份不享有参与本次利润分配的权利。公司 2024 年度权益分派方案为：以公司现有总股本 756,256,332 股扣除回购专户上已 回购股份 27,296,071 股后的 728,960,261 股为基数，向全体股东每 10 股派发人民 币现金红利 0.5 元（含税），不送红股，不以资本公积金转增股本。本次权益分派 实际派发现金分红总额为人民币 36,448,013.05 元（含税）。 2、本次权益分派实施后，按股权登记日总股本（含回购股份）折算的每 10 股 现金红利（含税）=实际现金分红总额÷股权登记日的总股本×10 股，即 36,448,013.05 元÷756,256,332 股×10 股= ...

Group 1: SAF Market Insights - The SAF market is transitioning to a supply-demand negotiation phase, with production capacity expansion slowing down and effective utilization rates increasing due to market price fluctuations [2] - The EU's 2025 2% SAF blending policy is expected to drive SAF demand growth, leading to potential price increases for SAF and UCO [2] - By 2025, Europe is projected to purchase 1 million tons of SAF at an estimated cost of $1.2 billion, with compliance costs potentially adding an extra $1.7 billion, effectively doubling the procurement cost for European airlines [3] Group 2: Company SAF Project Status - The company's SAF project is progressing steadily through technological upgrades, production optimization, and diversified sales channels, aligning with the company's strategic direction [4] - The SAF industry exhibits cyclical volatility, making market price fluctuations a critical factor for corporate adjustments [4] Group 3: SEED Water Treatment Technology - The SEED water treatment technology demonstrates significant competitive advantages in investment, operational costs, land use, construction time, and carbon emissions compared to traditional water treatment plants [5] - Innovations include the use of special steel structures, factory-prefabricated modules, and advanced integrated processing techniques, resulting in over 70% reduction in carbon emissions and more than 50% savings in construction time [5][6] Group 4: Market Expansion and Project Development - The company has accelerated project implementation, securing contracts in Xinjiang, Henan, and Beijing for municipal water supply and wastewater treatment, marking a significant expansion of SEED technology into the broader water sector [6] - The company aims to sign 10 new SEED-related contracts in 2025, indicating a robust order reserve and a shift from "engineering-driven" to "product-driven" approaches in the wastewater treatment industry [7]