证券代码：301109 证券简称：军信股份 公告编号：2026-013 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 ...

Core Viewpoint - The company has signed investment and franchise agreements for a waste-to-energy project in Osh, Kyrgyzstan, marking a significant step in its overseas expansion strategy in the waste management and green energy sector [1][2]. Group 1: Project Details - The waste-to-energy project in Osh is planned to handle 2,000 tons of waste per day, with an initial construction phase for a facility processing 850 tons per day [2]. - The total investment for the project is approximately $9.5 million, with future expansions based on waste volume and governmental requirements [2]. Group 2: Strategic Importance - This project follows previous successful ventures in Bishkek, Kazakhstan, and Issyk-Kul, contributing to the company's growth in international markets amid a saturated domestic market [2]. - The project is expected to provide new revenue streams and enhance the company's profitability and core competitiveness [2].

Core Viewpoint - The company has signed investment and franchise agreements for a waste treatment project in Osh City, Kyrgyzstan, marking a significant step in its overseas expansion efforts in solid waste management and green energy [1] Group 1: Project Details - The project is planned to handle 2,000 tons of waste per day, with an initial construction of a waste-to-energy plant capable of processing 850 tons per day [1] - The total investment for the project is approximately $95 million, with a franchise period of 35 years [1] Group 2: Strategic Implications - This project represents another achievement in the company's overseas expansion, contributing to the growth of its international solid waste treatment and green energy business [1] - The implementation of the project is subject to approval or filing with Chinese overseas investment authorities, and may be influenced by geopolitical factors, introducing a level of uncertainty [1]

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]

Group 1 - The core point of the article is that Jun Cheng Technology reported a total of 7,788 shareholders as of January 30, 2026 [2]

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].