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].

证券代码：301109 证券简称：军信股份 公告编号：2025-093 湖南军信环保股份有限公司 关于与哈萨克斯坦共和国生态与自然资源部、阿拉木图市政府 签署《三方初步谅解协议》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： 3、本协议的签订不构成关联交易，也不构成《上市公司重大资产重组管理办法》规 定的重大资产重组。 4、公司最近三年已披露的框架协议或意向性协议不存在无进展或进展未达预期的情 况。 5、本谅解协议为三方推进具体项目合作奠定的基础，最终能否实施尚存在不确定 性，对公司本年度及后续年度的财务状况和经营成果的影响尚存在不确定性，敬请广大投 资者注意投资风险。 一、谅解协议的签署概况 1、湖南军信环保股份有限公司（以下简称"公司"）与哈萨克斯坦共和国生态与自 然资源部、阿拉木图市政府签订的《三方初步谅解协议》（以下简称"谅解协议"或"本 协议"）属于三方达成的意向性约定，后续具体事项需进一步协商确定。 2、关于本协议涉及的各项后续事宜，公司将严格按照相关法律法规和《公司章程》 的有关规定履行相关程序并及时履行信息披露义务。 哈萨克 ...

Core Points - The company announced the lifting of restrictions on the sale of 67,224,648 shares, which accounts for 8.52% of the total share capital [1] - The shares were issued to 14 specific investors at a price of RMB 16.00 per share, raising a total of RMB 768.28 million [1] - Following the issuance, the total share capital increased from 515,625,853 shares to 563,643,459 shares [1] Summary of Share Issuance - The company received approval from the China Securities Regulatory Commission for the issuance of shares to specific investors [1] - The total number of shares issued was 48,017,606, with a par value of RMB 1 per share [1] - The specific investors include various funds and investment companies, such as Jiangsu Gaotou Yida Green Transformation Industry Investment Fund [1][3] Changes in Share Capital Structure - After the issuance, the total share capital increased to 563,643,459 shares, with a subsequent capital increase plan distributing 4 additional shares for every 10 held [1] - The number of unrestricted shares increased to 205,335,811, representing 26.02% of the total share capital [8] - The proportion of limited sale shares decreased from 82.50% to 73.98% after the lifting of restrictions [8] Compliance and Commitments - All shareholders involved in the issuance have adhered to their commitments regarding the lock-up period, which lasts for six months from the issuance date [2][4] - The independent financial advisor confirmed that the lifting of restrictions complies with relevant laws and regulations [9]

证券代码：301109 证券简称：军信股份 公告编号：2025-088 湖南军信环保股份有限公司 关于向特定对象发行股份募集配套资金的限售股份 经中国证券监督管理委员会《关于同意湖南军信环保股份有限公司发行股份购买资产并 募集配套资金注册的批复》（证监许可〔2024〕1105号），公司向特定对象发行人民币普通 股A股48,017,606股，每股面值 1元，发行价格16.00元/股，募集资金总额为人民币 768,281,696.00元。 | 序号 | 发行对象名称 | 发行股数（股） | | | 上市日期 | | | | | 限售期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 瑞众人寿保险有限责任公司-自有资金 | 1,562,500 | 2025 | 年 | 1 | 月 | 24 | 日 | 6 | 个月 | | 2 | 瑞众人寿保险有限责任公司-分红产品 | 330,106 | 2025 | 年 | 1 | 月 | 24 | 日 | 6 | 个月 | | 3 | 南昌市国金产业投资有限公司 | 2,7 ...

中信证券股份有限公司 关于湖南军信环保股份有限公司发行股份及支付现金 购买资产并募集配套资金暨关联交易之部分限售股份解禁 上市流通的核查意见 | 序 号 | 发行对象名称 | 发行股数 （股） | | | 上市日期 | | | 限售期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 瑞众人寿保险有限责任公司-自有 资金 | 1,562,500 | 2025 | 年 | 1 月 | 24 | 日 | 6 个月 | | 2 | 瑞众人寿保险有限责任公司-分红 产品 | 330,106 | 2025 | 年 | 1 月 | 24 | 日 | 6 个月 | | 3 | 南昌市国金产业投资有限公司 | 2,750,000 | 2025 | 年 | 1 月 | 24 | 日 | 6 个月 | | 4 | 建投投资有限责任公司 | 1,562,500 | 2025 | 年 | 1 月 | 24 | 日 | 6 个月 | | 5 | 湖南兴湘资本管理有限公司 | 2,375,000 | 2025 | 年 | 1 月 | 24 | 日 | 6 个月 ...

Group 1 - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international competitiveness and brand image, as well as to accelerate its internationalization strategy and overseas business layout [1] - The issuance and listing will be conducted within 24 months from the shareholders' meeting approval, considering the interests of existing shareholders and market conditions [1] - The company has recently completed a transaction to acquire a 63% stake in Hunan Renhe Environmental Technology Co., Ltd. for a total consideration of 2.19681 billion yuan [2] Group 2 - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on April 13, 2022, with an initial offering price of 34.81 yuan per share, raising a total of 2.379 billion yuan [3] - The net amount raised from the initial public offering was 2.265 billion yuan, which was 188 million yuan less than originally planned [3] - The company has announced dividend plans, including a distribution of 3.8 yuan per 10 shares in 2022 and 9 yuan per 10 shares in 2025, along with stock bonuses [4]

Core Viewpoint - The company, Hunan Junxin Environmental Protection Co., Ltd., plans to issue H shares for the first time and list them on the main board of the Hong Kong Stock Exchange to enhance its international brand image and financing capabilities [1][2][3] Meeting Details - The third meeting of the third supervisory board was held on July 18, 2025, with all three supervisors present, confirming the legality and validity of the meeting [1][2] Proposal for H Share Issuance - The company intends to issue H shares, with a nominal value of RMB 1.00 per share, to be traded in Hong Kong [2][3] - The issuance will target both Hong Kong public investors and qualified international institutional investors [2][3] - The issuance method will include public offerings in Hong Kong and international placements [3][4] Issuance Scale and Pricing - The company plans to issue up to 20% of its total share capital post-issuance, with an option for an additional 15% through an over-allotment option [4][5] - The final issuance price will be determined based on market conditions and investor demand [5][6] Fund Utilization - Proceeds from the issuance will be used for overseas project development, increasing R&D investment, and supplementing working capital [9][10] - The company will adjust the use of raised funds based on operational needs and regulatory approvals [10] Governance Changes - The company proposes to adjust its organizational structure by abolishing the supervisory board, transferring its powers to the audit committee of the board of directors [11][12] - The company will also appoint KPMG as the auditing firm for the H share issuance [12] Other Proposals - The company plans to provide guarantees for its subsidiaries, with a guarantee limit not exceeding RMB 410.64 million [13] - The company intends to conclude certain fundraising projects and permanently supplement working capital with any remaining funds [13]

Meeting Information - The company will hold its second extraordinary general meeting of shareholders for 2025 on August 6, 2025, at 14:30 [1] - The meeting will be conducted both in-person and via online voting [1] - Online voting will be available through the Shenzhen Stock Exchange trading system and the internet voting system on the same day [1] Eligibility to Attend - Shareholders holding the company's issued voting shares on the registration date are entitled to attend the meeting [2] - Proxy representation is allowed, and the proxy does not need to be a shareholder of the company [2] Agenda Items - The meeting will review several proposals, including: - Issuance of H shares and listing on the Hong Kong Stock Exchange [4] - Drafting of the company's articles of association and related rules post-H share issuance [5] - Authorization for the board of directors to handle matters related to the H share issuance [6] - Insurance for directors and senior management [6] - Appointment of an auditing firm for the H share issuance [7] - Approval of these proposals requires a two-thirds majority from attending shareholders [7] Registration and Voting Procedures - Shareholders must present identification and proof of shareholding to register for the meeting [3][8] - Online voting procedures are detailed in the announcement, with specific codes and timeframes provided [8][11] - Shareholders can vote on non-cumulative proposals by indicating their agreement, disagreement, or abstention [9][12] Additional Information - The company has provided attachments for the voting process, proxy authorization, and registration forms [8][12] - Contact information for inquiries is included in the announcement [8]

中信证券股份有限公司 关于湖南军信环保股份有限公司部分募投项目结项 并将节余募集资金永久补充流动资金的 核查意见 中信证券股份有限公司（以下简称"中信证券"）担任湖南军信环保股份有 限公司（以下简称"军信股份"或"公司"）在深圳证券交易所创业板上市的保 荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上 市规则》《上市公司募集资金监管规则》《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》等有关规定，就军信股份部分募投项目 结项并将节余募集资金永久补充流动资金的事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意湖南军信环保股份有限公司首次公开 发行股票注册的批复》（证监许可[2022]254 号）批准，并经深圳证券交易所同 意，公司首次公开发行人民币普通股（A 股）股票 6,834.00 万股，发行价格为每 股人民币 34.81 元，募集资金总额为人民币 2,378,915,400.00 元，扣除发行费用 人民币 113,783,770.20 元后，公司实际募集资金净额为人民币 2,265,131,629.80 元。募集资 ...

湖南军信环保股份有限公司 募集资金管理办法 湖南军信环保股份有限公司 募集资金管理办法 第一章 总则 第一条 为完善湖南军信环保股份有限公司（以下简称"公司"）治理，规 范公司对募集资金的使用和管理，提高募集资金的使用效率和效益，维护公司、 股东、债权人及全体员工的合法权益，特制定本办法。 第二条 本办法根据《中华人民共和国公司法》《中华人民共和国证券法》 《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》等法律法规和部门规章以及《湖南军信 环保股份有限公司章程》（以下简称"公司章程"）的有关规定制定。 第三条 本办法所称募集资金是指公司通过向不特定对象发行证券或者向 特定对象发行证券（包括股票、可转换公司债券等）募集并用于特定用途的资金， 但不包括公司实施股权激励计划募集的资金。 第四条 本办法是公司对募集资金使用和管理的基本行为准则。如募集资金 投资项目通过公司的子公司或公司控制的其他企业实施的，公司应当确保该子公 司或控制的其他企业遵守本办法。 第二章 募集资金专户存储 第五条 公司应当审慎选择商业银行并开设募集资金专项账户（以下简称 "专户 ...