Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the environmental and public utility sector [7] Core Insights - The report highlights significant price increases for second and third-generation biodiesel (HVO and SAF) in 2025, with HVO reaching a peak of $2853.38 per ton and SAF at $2900.95 per ton, reflecting increases of 69.2% and 69.1% from their lowest points respectively [1][17] - The demand for SAF is driven by the EU's ReFuelEU Aviation Regulation, which mandates a gradual increase in SAF content in aviation fuel, leading to an estimated demand increase of approximately 1.4 million tons in 2025 [1][19] - The report emphasizes the scarcity of used cooking oil (UCO) as a raw material for HVO and SAF, suggesting that companies with waste oil resources and production capacity should be closely monitored [3][39] Summary by Sections 1. Special Research - The report discusses the upward trend in biodiesel prices due to downstream demand, particularly for SAF and HVO, with significant price increases observed in 2025 [1][17] - It notes that multiple countries are implementing policies to increase biodiesel blending ratios, with global biodiesel consumption expected to exceed 75.77 million tons by 2030 [2][25] - UCO is identified as a critical raw material with limited supply, highlighting the need to focus on companies that can efficiently utilize waste oil resources [3][39] 2. Market Review - The report provides a market performance overview, indicating that the Shanghai Composite Index rose by 4.06% from December 26 to January 9, with various sector performances detailed [4][42] 3. Industry Dynamics - The report outlines recent legislative progress in the EU regarding renewable energy, particularly the RED III directive, which aims to increase the share of renewable energy in the EU's energy consumption to 42.5% by 2030 [19][20] - It highlights the growing demand for advanced biofuels and the expected increase in biodiesel consumption in developing countries, which may take over as the main growth area for biofuels [2][23] 4. Investment Portfolio and Recommendations - The report suggests focusing on companies with strong capabilities in waste oil production and technology, such as Shanhigh Environmental, Longkun Technology, and Zhuoyue New Energy, due to the anticipated growth in SAF and HVO demand [3][39]

证券代码：301109 证券简称：军信股份 公告编号：2026-003 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到期赎回 并继续进行现金管理的公告 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：20 ...

Core Viewpoint - Jun Cheng Technology emphasizes the importance of market value management and aims to enhance information disclosure quality and investor communication while aligning with long-term development and shareholder interests [1] Group 1 - The company is committed to continuously optimizing and adjusting its operational plans and KPI indicators [1] - Jun Cheng Technology plans to introduce measures that align with the company's development and the long-term interests of all shareholders [1]

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）。 近日，公司控股子公司湖南仁和环境科技有限公司使用闲置自有资金进行现金管理的产品 已到期赎回，现将有关情况公告如下： 二、公告前十二个月内使用暂时闲置募集资金及自有资金进行现金管理情况 | 委托方 | 受托方 | 产品名称 | 产品 | 购买金额 ...

证券代码：301109 证券简称：军信股份 公告编号：2026-001 一、回购公司股份的进展情况 截至 2025 年 12 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%，最高成交价为 14.29 元/股，最低成交价为 13.86 元/股，已支付的资金总额 为人民币 50,992,125.26 元（不含交易费用）。本次回购符合公司回购股份方案、回购股份 报告书及相关法律法规的要求。 二、其他说明 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。 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" ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].

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）。 近日，公司及公司控股子公司湖南仁和环保科技有限公司使用闲置自有资金进行现金管理 的产品已到期赎回，现将有关情况公告如下： 1 证券代码：301109 ...

本报讯 （记者何文英）近日，由《证券日报》社有限责任公司主办的2025证券市场年会暨"金骏马"颁 奖典礼圆满落幕，湖南军信环保股份有限公司（以下简称"军信股份（301109）"）凭借在环境、社会与 治理（ESG）领域的卓越实践，荣获"金骏马ESG可持续发展先锋企业奖"，成为环保行业高质量发展的 典范。 军信股份以"科技守护绿水青山"为使命，正从区域龙头迈向国际领先的环境治理和绿色能源服务提供 商。此次获奖，不仅是对其过往实践的认可，更彰显了资本市场对环保能源行业"价值+成长"双轮驱动 模式的深度认同。 作为国内领先的固废综合处理及绿色能源服务商，军信股份始终将ESG理念深度融入战略决策与日常运 营。公司建设运营的长沙黑麋峰固废处理场，是全国唯一荣获两个"鲁班奖"的环保产业园区，集生活垃 圾焚烧、市政污泥处置、渗滤液处理、灰渣填埋及环保科普于一体，2024年实现上网电量14.73亿度， 年碳减排量超100万吨，持续为"无废城市"建设提供绿色动能。 在社会（S）维度，公司积极履行企业公民责任。军信股份被生态环境部、住房和城乡建设部联合授 予"全国环保设施和城镇污水处理设施向公众开放单位"，并获评省市级环保科普教育 ...

Core Viewpoint - Hunan Junxin Environmental Protection Co., Ltd. is focusing on solid waste treatment and green energy, aiming to enhance operational quality through technological innovation and digitalization while expanding its business in waste resource recycling and low-carbon models [1][2] Group 1: Strategic Initiatives - The company will concentrate on its core business development and increase R&D efforts to improve the quality of solid waste treatment and green energy projects [1] - Junxin plans to strengthen its business expansion in waste resource recycling and the construction of "waste-free cities," promoting the integration of waste incineration power generation with green computing industries [1] - The company aims to explore new low-carbon models and establish sustainable development new business formats [1] Group 2: Future Goals - By 2026, Junxin aims to continue implementing the "Belt and Road" initiative, expanding its solid waste treatment and green energy markets in Central Asia, the Middle East, and Southeast Asia [1] - The company is committed to contributing to high-quality co-construction of the "Belt and Road" [1] - Junxin is targeting a new performance growth point through a three-center integrated business model: waste incineration power generation, steam supply, and green computing services [2]

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly recommending companies involved in coal power, hydropower, nuclear power, green energy, and gas [1]. Core Insights - The report highlights that in November 2025, the total electricity consumption reached 835.6 billion kWh, marking a year-on-year increase of 6.2%. The growth contributions from the primary, secondary, and tertiary industries, as well as residential consumption, were 2%, 49%, 29%, and 19% respectively [4][6]. - The secondary industry remains the largest contributor to electricity consumption, accounting for over 60% of the total, with significant growth in high-tech and equipment manufacturing sectors [5][6]. - Natural gas prices have shown fluctuations, with the U.S. Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decline of 7.30%. The report notes that the domestic LNG ex-factory price is 3915 yuan/ton, down 2.85% week-on-week [1][16]. Summary by Sections Electricity Sector - In November 2025, the electricity consumption by the first, second, and third industries grew by 7.9%, 4.4%, and 10.3% respectively, while residential consumption increased by 9.8% [4][6]. - The high-tech and equipment manufacturing sectors saw a 6.7% increase in electricity consumption, with automotive manufacturing leading at a 10% growth rate [5][6]. Natural Gas Sector - The report indicates that global gas prices are experiencing slight fluctuations, with the U.S. market showing a significant drop in spot prices. The report anticipates that the demand for natural gas will increase as winter approaches, potentially stabilizing prices [1][16]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and improved profitability due to lower oil prices [39][40]. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their diversified revenue sources [1]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to expected improvements in profit margins from reduced capital expenditures [1]. - Nuclear power firms like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [1]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are recommended for their stable returns and increasing operational value [1]. - The report also suggests investment in gas companies like Shenzhen Energy and Kunlun Energy, which are expected to benefit from cost reductions and improved market conditions [1][39].