本项目若顺利实施，将是继2024年公司成功获得吉尔吉斯共和国比什凯克市垃圾科技处置发电项目（规 划垃圾处理规模3000吨/日）特许经营权、2025年成功签署哈萨克斯坦共和国阿拉木图市固废科技处置 发电项目（垃圾处理规模2000吨/日）投资协议以及吉尔吉斯共和国伊塞克湖州垃圾科技处置项目（垃 圾处理规模总体规划2000吨/日）投资协议后，在海外市场拓展方面取得的又一重大成果，有助于扩大 公司海外固废处理及绿色能源业务版图，在国内市场相对饱和、竞争激烈的市场环境中找到新的突破 口，为公司提供新的业绩增长点，增强公司的盈利能力和核心竞争力。 格隆汇2月6日丨军信股份(301109.SZ)公布，下属公司军信环保(吉尔吉斯)投资有限公司（简称"投资 者"）于近日与吉尔吉斯共和国内阁和奥什市市政府分别签署了《吉尔吉斯共和国内阁与外国企业军信 环保（吉尔吉斯）投资有限公司关于在奥什市建设基于垃圾科技处置发电综合体投资项目的投资协议》 (简称"投资协议"或"本投资协议")和《吉尔吉斯共和国奥什市垃圾科技处置项目特许经营协议》（简 称"特许经营协议"或"本特许经营协议"），双方明确了奥什市垃圾科技处置项目(简称"垃圾科技处置项 ...

作者：公告君 军信股份发布公告称，公司下属军信环保(吉尔吉斯)投资有限公司近日与吉尔吉斯共和国内阁和奥什市 市政府分别签署奥什市垃圾科技处置项目投资协议和特许经营协议。该项目规划垃圾处理规模2000吨/ 日，初期建设850吨/日垃圾科技处置发电站，总投资约9500万美元，特许经营期35年。项目若实施将是 公司海外拓展又一成果，助力扩大海外固废处理及绿色能源业务版图，提供新业绩增长点。但项目需中 国境外投资主管部门备案或审批，实施或受地缘政治等因素影响，存在不确定性。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 ...

军信股份公告，下属公司军信环保（吉尔吉斯）投资有限公司与吉尔吉斯共和国内阁和奥什市市政府签 署了《吉尔吉斯共和国内阁与外国企业军信环保（吉尔吉斯）投资有限公司关于在奥什市建设基于垃圾 科技处置发电综合体投资项目的投资协议》和《吉尔吉斯共和国奥什市垃圾科技处置项目特许经营协 议》。项目规划垃圾处理规模为2000吨/日，初期建设一个处理规模为850吨/日的垃圾科技处置发电 站，总投资金额约9500万美元。 ...

关于签订吉尔吉斯共和国奥什市垃圾科技处置项目 投资协议和特许经营协议的公告 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。 特别提示： 1、湖南军信环保股份有限公司(以下简称"公司")的下属公司军信环保(吉尔吉斯)投 资有限公司（以下简称"投资者"）于近日与吉尔吉斯共和国内阁和奥什市市政府分别签署 了《吉尔吉斯共和国内阁与外国企业军信环保（吉尔吉斯）投资有限公司关于在奥什市建设 基于垃圾科技处置发电综合体投资项目的投资协议》(以下简称"投资协议"或"本投资协 议")和《吉尔吉斯共和国奥什市垃圾科技处置项目特许经营协议》（以下简称"特许经营 协议"或"本特许经营协议"），双方明确了奥什市垃圾科技处置项目(以下简称"垃圾科 技处置项目"、"项目"或"本项目"）的投资、建设和运营等相关事宜。 证券代码：301109 证券简称：军信股份 公告编号：2026-012 湖南军信环保股份有限公司 主营业务，根据《深圳证券交易所创业板股票上市规则》《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》《公司章程》等相关规定，投资协议和特许经 营协议的签订 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The Southeast Asian waste incineration market is poised for significant growth, with a projected demand for incineration capacity reaching 222,000 tons per day by 2030 and 491,000 tons per day by 2050, representing an investment opportunity exceeding 100 billion [6][15] - The domestic waste incineration market in China has entered a mature phase, with the operational capacity reaching 1.16 million tons per day by the end of 2024, reflecting an 8% year-on-year increase [16][20] - The profitability of waste incineration projects in Southeast Asia is expected to be significantly higher than domestic projects, with potential net profit margins exceeding 25% under optimistic scenarios [6][15] Summary by Sections Domestic Waste Market - The domestic incineration market is relatively saturated, with listed companies' capacity under construction accounting for less than 10% of total operational capacity [16][26] - The business model of waste incineration is resilient, characterized by stable profits and strong cash flow, with a 4.9% year-on-year increase in revenue for the waste incineration sector in Q1-Q3 2025 [28][31] Southeast Asian Waste Incineration Market - Population growth and urbanization are driving waste generation, making incineration the preferred solution for urban management in Southeast Asia [6][15] - The incineration rate in Southeast Asia is expected to accelerate, with significant investment opportunities available [6][15] Profitability and Operational Risks - High electricity prices and disposal fees are enhancing profitability, with revenue from Southeast Asian projects estimated to be 1.8 to 2.7 times that of domestic projects [6][15] - The operational environment in overseas markets presents complexities that require enhanced local management and risk mitigation strategies [6][15] Recommendations - Focus on operators using BOT/BOO models for overseas investments, such as Weiming Environmental, Junxin Co., and China Tianying [6][15] - Consider equipment and engineering firms like Sanfeng Environment that leverage their manufacturing capabilities to enter overseas markets [6][15]

（文章来源：证券日报） 证券日报网讯 2月4日，骏成科技在互动平台回答投资者提问时表示，截至2026年1月30日，骏成科技股 东户数为7788户。 ...

证券日报网讯 2月2日，军信股份发布公告称，截至2026年1月31日，公司通过股份回购专用证券账户以 集中竞价交易方式实施回购股份数量为3，603，180股，占公司目前总股本（未扣除公司回购专用证券 账户中的股份）的比例为0.46%。 （编辑 任世碧） ...

Investment Rating - The report provides a positive outlook on the electricity and natural gas sectors, highlighting stable revenue mechanisms and growth potential in consumption and pricing [1][10]. Core Insights - The report emphasizes the importance of a refined capacity pricing mechanism for electricity generation, which aims to stabilize revenue and ensure fair compensation for various power sources [4][6]. - It notes that natural gas consumption is expected to grow, supported by favorable weather conditions and improved economic indicators, despite short-term price fluctuations [10][29]. Summary by Sections 1. Electricity: Improved Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for electricity generation, addressing mismatches in supply and demand within the new power system [4]. - The new mechanism aims to ensure that different types of power generation, including coal, gas, and new energy sources, receive fair compensation based on their peak supply capabilities [6][7]. - The report highlights that the refined pricing structure will lead to more predictable revenue for power generation companies, reducing volatility in earnings [7]. 2. Natural Gas: Continued Growth in Consumption - The report indicates that the apparent consumption of natural gas in China is projected to grow by 0.1% in 2025, with December consumption reaching 38.57 billion cubic meters, a year-on-year increase of 1.9% [29]. - It notes that the recent cold weather has supported high natural gas prices, with the U.S. Henry Hub spot price at $7.18/mmBtu, while European prices remain elevated due to low inventory levels and geopolitical tensions [10][12]. - The report suggests that the natural gas sector will benefit from a combination of lower costs and improved pricing mechanisms, leading to a recovery in profitability for city gas companies [31]. 3. Investment Recommendations - For coal-fired power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their stable revenue sources [8]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential to improve profit margins through reduced capital expenditures [8]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested for their growth potential as new units are approved [8]. - The report also recommends focusing on integrated natural gas companies like ENN Energy and China Gas Holdings, which are expected to benefit from lower costs and increased sales [31].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment due to policy improvements and market dynamics [1]. Core Insights - The report highlights the recent improvements in the capacity pricing mechanism for power generation, which aims to stabilize revenue and enhance the profitability of various power sources [6][10]. - It notes a slight increase in natural gas consumption in 2025, with a projected growth of 0.1% year-on-year, indicating a stable demand outlook for the gas sector [32]. Summary by Sections 1. Power Sector: Capacity Pricing Mechanism Improvement - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for power generation, addressing mismatches in supply and demand within the new energy system [6]. - The new mechanism introduces differentiated pricing for various types of regulatory power sources, ensuring that their capacity value is adequately compensated [7]. - A unified compensation standard for peak capacity across different power sources is established, promoting rational investment and resource allocation in the power sector [8][10]. 2. Gas Sector: Continued Growth in Natural Gas Consumption - Natural gas consumption in China is expected to reach 385.7 billion cubic meters by December 2025, reflecting a year-on-year increase of 1.9% [32]. - The report emphasizes the impact of cold weather on gas prices, with global prices remaining high, particularly in the U.S. and Europe, which supports the profitability of gas companies [13][19]. - The report suggests that the gas sector will benefit from a combination of lower costs and improved demand, particularly for city gas companies, with recommendations for several key players in the market [34]. 3. Weekly Market Review - The report notes that the public utility, power, gas, and environmental sectors underperformed relative to the Shanghai and Shenzhen 300 index during the week of January 24 to January 30, 2026 [36]. 4. Company and Industry Dynamics - As of the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, a year-on-year increase of 16.1%, with significant growth in solar and wind power installations [43]. - The report includes various company announcements, highlighting performance forecasts and operational updates from key players in the energy sector [44].

湖南军信环保股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈 述或重大遗漏。 证券代码：301109 证券简称：军信股份 公告编号：2026-011 二、其他说明 （一）公司回购股份的时间、回购股份数量及集中竞价交易的委托价格、委托时段等符 合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》（2025 年修订）及公司 回购股份方案的相关规定。 1、公司未在下列期间回购公司股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项发生之日或者 在决策过程中，至依法披露之日内； 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开第三届董事 会第二次会议，审议通过了《关于回购公司股份方案的议案》，同意公司使用不低于人民币 20,000 万元且不超过人民币 30,000 万元（均包含本数）的自有资金及其他自筹资金，以集 中竞价交易方式回购公司部分社会公众股份（以下简称"本次回购"）。本次回购的股份将 用于实施员工持股计划或股权激励，回购股份的价格不超过人民币 30.57 元/股，具体内 ...