Investment Highlights - The report highlights significant acceleration in national subsidies recovery for the environmental sector in July-August 2025, with Everbright receiving 2.064 billion yuan, surpassing the 1.534 billion yuan received in the same period of 2024 [1][4] - The solid waste sector has shown improvements in return on equity (ROE) and cash flow, with a 1% increase in revenue and an 8% increase in net profit for the first half of 2025 [5][6] - The report recommends several companies for investment, including Hanlan Environment, Green Power, and Everbright Environment, among others [2] Solid Waste Sector Insights - The solid waste sector's performance in the first half of 2025 includes a 9% increase in operating cash flow, reaching 6.9 billion yuan, and a 24% increase in free cash flow compared to the first half of 2024 [5][6] - The average waste incineration companies saw a 1.8% increase in tonnage output and a 1.2% increase in grid-connected output in the first half of 2025 [5][6] - Companies are expanding their operations and improving efficiency, with notable increases in heating supply rates for several firms [5][6] Water Sector Analysis - The water sector is expected to experience a cash flow turnaround, with a projected increase in free cash flow for companies like Xingrong and Shouchuang starting in 2026 [6] - Price reforms in water services are anticipated to enhance growth and valuation, with recent price adjustments in cities like Guangzhou and Shenzhen [6] Sanitation Sector Developments - The penetration rate of electric sanitation vehicles is accelerating, with a 77.6% increase in sales of new energy sanitation vehicles in the first seven months of 2025 [7][8] - The report notes a significant rise in the number of automated sanitation projects, indicating a growing trend towards automation in the sector [7][8] Industry Tracking - The report tracks the performance of various sectors, including the increase in sales of sanitation vehicles and the profitability of biodiesel production, with a notable rise in the price of used cooking oil [8] - Lithium battery recycling is also highlighted, with improvements in profitability due to changes in pricing for lithium and cobalt [8]

Core Viewpoint - The recent notification from the National Development and Reform Commission and the National Energy Administration aims to improve the pricing mechanism for nearby consumption of renewable energy, which is expected to create new opportunities for green electricity direct connection projects starting from October 1, 2025 [1][2][3]. Group 1: Policy and Mechanism - The notification clarifies the economic responsibilities between nearby consumption projects and the public grid, allowing renewable energy projects to pay for supply reliability based on their needs [3][4]. - The new pricing mechanism is designed to enhance the willingness of the grid to provide stable supply services, facilitating the implementation of projects like waste incineration and green electricity direct connections [4][5]. Group 2: Project Requirements - Projects must have a clear interface, with power sources, loads, and storage connected as a whole to the public grid, ensuring safety and responsibility [3][4]. - Projects are required to have a self-consumption ratio of at least 60% of total available generation and 30% of total consumption, with new projects starting from 2030 needing a minimum of 35% [4][5]. Group 3: Economic Advantages - The economic feasibility of projects increases with higher load rates and smaller capacities connected to the public grid, as projects not connected to the grid are exempt from certain fees [4][5]. - For example, in Guangdong Province, the average market transaction price in 2025 is projected to be 0.3910 yuan per kWh, while the costs associated with grid connection and operation total 0.2721 yuan per kWh, leading to a total of 0.6631 yuan per kWh. Direct supply from waste incineration can offer a price advantage of 0.05 to 0.08 yuan per kWh compared to using grid electricity [5]. Group 4: Recommended Companies - The notification is expected to benefit companies involved in green electricity direct supply projects, with specific recommendations including Huanlan Environment, Yongxing Co., Conch Venture, Green Power Environmental Protection, Junxin Co., and Weiming Environmental Protection, while also suggesting attention to Wangneng Environment [5].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment [5][14]. Core Insights - The report highlights the competitive results of the electricity pricing mechanism in Shandong, indicating that wind power is favored over solar power, with wind power pricing at 0.319 CNY/kWh and solar at 0.225 CNY/kWh [9][10]. - A new pricing mechanism for nearby consumption of renewable energy has been established, clarifying economic responsibilities and allowing renewable projects to pay for supply reliability [12][13]. - Global gas prices are showing mixed trends, with European and Asian prices rising while U.S. prices are declining, reflecting varying supply and demand dynamics [15][20]. Summary by Sections 1. Electricity: Shandong Pricing Mechanism and New Renewable Energy Policies - Shandong's first competitive pricing results show wind power projects with a total capacity of 3.5911 GW and a mechanism electricity price of 0.319 CNY/kWh, while solar projects have a capacity of 1.265 GW and a price of 0.225 CNY/kWh [9][11]. - The new pricing mechanism for nearby consumption aims to enhance the utilization of renewable energy and reduce the pressure on the power system [12][13]. 2. Gas: Global Price Variations - As of September 12, U.S. Henry Hub spot prices are at $2.94/mmBtu, down 3.61% week-on-week, while European TTF prices are at €32.00/MWh, up 1.27% [15][16]. - The report notes that U.S. gas production remains high despite a slight decline, while European prices are influenced by supply constraints and increased heating demand due to cooler temperatures [15][20]. 3. Weekly Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utilities, power, and environmental sectors underperformed [36]. 4. Company and Industry Dynamics - Recent announcements include the implementation of market-oriented pricing reforms for renewable energy in Jiangxi province, effective from October 2025 [40]. - The report also discusses various company announcements, including operational updates and financial instruments [43]. 5. Key Company Valuation Tables - The report provides valuation metrics for key companies in the public utility sector, highlighting buy and hold recommendations for several firms based on their earnings and price-to-earnings ratios [45][46].

证券代码：301109 证券简称：军信股份 公告编号：2025-120 湖南军信环保股份有限公司 委托方 受托方 产品 名称 产品 性质 购买金额 （万元） 起息日 到期日 资金 来源 产品 收益 率 收益 金额 （元） 公司 兴业银行股 份有限公司 长沙分行劳 动路支行 兴业银行企 业金融人民 币结构性存 款产品 保本浮动 收益型 3,000 2025/08/06 2025/09/12 自有 资金 1.72% 52,306.8 5 公司 中国农业银 行股份有限 公司长沙西 子花苑支行 2025年第13 期公司类法 人客户人民 币大额存单 产品 保本固定 收益型 10,900 2025/08/11 2025/09/11 自有 资金 0.90% 81,750.0 0 一、本次使用闲置自有资金进行现金管理到期赎回的基本情况 | 委托方 | 受托方 | 产品 | 产品 | 购买金额 | 起息日 | 到期日 | 资金 | 产品 收益 | 收益 金额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 名称 | 性质 | （万元） ...

中信证券股份有限公司 关于湖南军信环保股份有限公司 2025年半年度跟踪报告 1 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：军信股份 | | --- | --- | | 保荐代表人姓名：杨巍巍 | 联系电话：010-60836984 | | 保荐代表人姓名：姚伟华 | 联系电话：0731-85572853 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月获取募集资金专户对账单 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | ...

为进一步加强与投资者的互动交流，湖南军信环保股份有限公司(以下简称"公 司")将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有限公司联合举办 的"资本聚三湘 楚光耀新程--2025 年湖南辖区上市公司投资者网上集体接待日暨半年 度业绩说明会"活动，现将相关事项公告如下: 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站(https:// rs.p5w.net)，或关注微信公众号:全景财经，或下载全景路演 APP,参与本次互动交流， 活动时间为 2025 年 9 月 19 日(星期五)14:00-17:00。届时公司董事、副总经理兼董事 会秘书覃事顺先生、证券事务代表单峰先生将在线就公司 2024 年至 2025 年半年度业 绩、公司治理、发展战略、经营状况、融资计划、股权激励和可持续发展等投资者关 心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与! 特此公告！ 湖南军信环保股份有限公司董事会 2025 年 9 月 11 日 证券代码：301109 证券简称：军信股份 公告编号：2025-119 湖南军信环保股份有限公司 关于参加2025年湖南辖区上市公司投资者网上集体接待日 暨半 ...

Group 1 - The company announced a guarantee for its subsidiary, Puxiang Bioenergy Co., Ltd., amounting to 200 million RMB [2] - The guarantee is a joint liability guarantee with a term from September 8, 2025, to June 14, 2031 [2] - After this guarantee, the total actual guarantee balance for the company and its subsidiaries is 2.1933077 billion RMB, which accounts for 32.00% of the company's latest audited net assets attributable to shareholders [2]

湖南军信环保股份有限公司 关于为控股子公司提供担保的进展公告 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。 一、担保情况概述 1、本次担保的基本情况 湖南军信环保股份有限公司（以下简称"公司"）的控股子公司浦湘生物能源股份有限 公司（以下简称"浦湘生物"或"债务人"）于 2017 年 3 月 23 日与中国工商银行股份有限 公司长沙司门口支行（以下简称"债权人"或"融资方"）签订了《固定资产借款合同》 （以下简称"《借款合同》"，编号：0190100004-2017 年(司支)字 00027 号），贷款金额为 113,900 万元，由公司控股股东湖南军信环保集团有限公司（以下简称"军信集团"）对贷 款本金的 80%及相应利息等费用提供担保（浦湘生物除公司以外的其他股东对贷款本金的 2 0%及相应利息等费用提供担保）。 近日，公司与债权人签订了《保证合同》（编号：2025 年（司支）保字 00001 号），将 前述担保的担保方由军信集团变更为公司，公司为前述《借款合同》的剩余贷款本金的 80% 即 20,000 万元人民币以及相应利息等费用提供担保，担保方式为 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-117 湖南军信环保股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开了第三届董事 会第二次会议和第三届监事会第二次会议，审议通过了《关于公司及子公司使用部分闲置募集 资金及自有资金进行现金管理的议案》，同意公司及子公司使用不超过人民币 1.20 亿元（含 本数）闲置募集资金及不超过人民币 30.00 亿元（含本数）的自有资金进行现金管理，用于购 买安全性高、流动性好、保本型的理财产品或存款类产品（包括但不限于结构性存款、大额存 单、定期存款、通知存款等），上述额度自董事会审议通过之日起 12 个月内有效，在前述额 度和期限范围内可循环滚动使用。具体内容详见公司于 2025 年 4 月 22 日刊登在巨潮资讯网 （www.cninfo.com.cn）上的《关于公司及子公司使用部分闲置募集资金及自有资金进行现金管 理的公告》（公告编号：2025-042）。 一、本 ...

Company Overview - Hunan Junxin Environmental Protection Co., Ltd. (referred to as "Junxin") is a leading enterprise in the environmental protection sector in Hunan, focusing on solid waste treatment and green energy business, covering various waste types including municipal solid waste, kitchen waste, and municipal sludge [2][3] - The company has shown stable revenue and profit growth, with revenues of approximately 1.548 billion RMB in 2022, projected to reach 2.411 billion RMB in 2024 [2] Business Performance - Junxin's main revenue source is its waste-to-energy business, with a total daily processing capacity of 9,600 tons of municipal solid waste across multiple projects [3] - Revenue from the waste-to-energy segment was 661 million RMB in 2022, expected to be 685 million RMB in 2024, although its revenue share has decreased from 42.7% in 2022 to 28.5% in 2024 [3] - The company has seen significant growth in its construction services revenue, increasing from 83.7 million RMB in 2022 to 827 million RMB in 2024, with its share rising from 5.4% to 34.7% [3] Client Dependency and Market Expansion - Junxin's business is highly dependent on a few major clients, with revenue from the top five clients accounting for 99.9% of total revenue in 2022, indicating a concentration risk [4] - To mitigate this risk, Junxin is actively expanding into overseas markets, particularly in Central Asia, with agreements to develop green energy projects in Kyrgyzstan and Kazakhstan [4] Industry Outlook - The global solid waste generation is expected to increase from 1,894.1 million tons in 2020 to 2,619.1 million tons by 2029, driven by population growth and economic development [5][6] - In China, the amount of municipal solid waste is projected to grow from 235.1 million tons in 2020 to 260.6 million tons in 2024, with a significant increase in waste incineration capacity [5][6] - The waste-to-energy industry in China has a low concentration, with the top ten companies holding only 30% of the market share, indicating opportunities for growth and competition [8] Competitive Position - Junxin ranks first in China for average electricity generation per ton of waste processed and holds a strong position in various waste management categories, including being fourth in daily processing capacity for solid waste incineration projects [8] - The company’s technological expertise and scale advantages contribute to its stable performance and ongoing expansion efforts [8]