—高能环境(603588)公司深度报告 进军矿业开采&赴港上市，资源化龙头扬帆起航 证券研究报告 公司研究 2026 年 2 月 4 日 [Table_CoverAuthor] 郭雪 环保公用联席首席分析师 吴柏莹 环保行业分析师 执业编号：S1500525030002 执业编号：S1500524100001 邮箱：guoxue@cindasc.com 邮箱：wuboying@cindasc.com [公司深度报告 Table_ReportType] [Table_StockAndRank] 高能环境(603588) 投资评级 买入 上次评级 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [高能Table_T 环境：itle]进军矿业开采&赴港上市，资源化龙头扬帆起 航 [Table_ReportDate] 2026 年 2 月 4 日 本期内容提要: [Table_S [Table_Summary ummary] ] ➢ 行情回顾：截至 5月 9日收盘，水治理板块上涨 3.75%，水务板块上 涨 1.79%；大气 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a focus on transformation and growth opportunities in the home furnishing sector [1]. Core Insights - The company is expected to face significant pressure on its short-term performance, with a projected net profit loss of between 1.15 billion to 850 million yuan for 2025, compared to a profit of 769 million yuan in the previous year [1]. - The report highlights a strategic shift towards enhancing quality and efficiency, leveraging AI design to create new traffic channels, and focusing on digitalization and globalization to drive revenue growth [2][3]. - The company has accelerated its overseas expansion, with positive developments in Cambodia and Macau, and plans to continue deepening its core home furnishing business while exploring new consumer scenarios [3]. Financial Summary - Total revenue is projected to decline from 12.966 billion yuan in 2024 to 11.653 billion yuan in 2025, before recovering to 12.301 billion yuan in 2026 and 12.929 billion yuan in 2027, reflecting a growth rate of 5.6% and 5.1% in those years respectively [4]. - The net profit attributable to the parent company is expected to be -1.004 billion yuan in 2025, with a recovery to 606 million yuan in 2026 and 699 million yuan in 2027, indicating a significant turnaround [4]. - The gross margin is forecasted to decrease to 20.3% in 2025, with a gradual recovery to 23.3% in 2026 and 24.1% in 2027 [4]. Operational Performance - In the first half of 2025, the company's leasing and management business revenue was 23.83 billion yuan, down 21.3% year-on-year, while merchandise sales revenue increased by 29.5% to 36.31 billion yuan [2]. - The company is actively transforming its business model, with plans to operate shopping centers and modern department stores in key urban areas, which are expected to contribute to revenue recovery as the macroeconomic environment improves [2][3].

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1]. Core Insights - International oil prices have significantly strengthened due to escalating geopolitical risks in Iran and adverse weather conditions affecting U.S. oil production. As of January 30, 2026, Brent and WTI prices were reported at $69.32 and $65.21 per barrel, respectively, marking increases of 6.53% and 6.78% from the previous week [2][9]. - The oil and petrochemical sector has shown strong performance, with the sector index rising by 7.95% as of January 30, 2026, compared to a slight increase of 0.08% in the broader market index [10]. - The report highlights a notable increase in the number of active offshore drilling platforms, with a total of 376 self-elevating platforms and 134 floating platforms as of January 26, 2026 [26]. Summary by Sections Oil Price Review - Brent crude futures settled at $69.32 per barrel, up $4.25 (+6.53%) from the previous week, while WTI crude futures rose to $65.21 per barrel, an increase of $4.14 (+6.78%) [23]. - The Urals crude price remained stable at $65.49 per barrel, while ESPO crude increased by $4.42 (+8.66%) to $55.46 per barrel [23]. Offshore Drilling Services - The global count of self-elevating drilling platforms remained at 376, while floating platforms increased by one to a total of 134 [26]. U.S. Oil Supply - U.S. crude oil production was reported at 13.696 million barrels per day, a decrease of 36,000 barrels from the previous week. The number of active drilling rigs remained stable at 411 [32]. - The U.S. fracking fleet decreased by 15 units to a total of 148 [32]. U.S. Oil Demand - U.S. refinery crude processing averaged 16.209 million barrels per day, down by 395,000 barrels from the previous week, with a refinery utilization rate of 90.90%, a decline of 2.4 percentage points [40]. U.S. Oil Inventory - Total U.S. crude oil inventories stood at 839 million barrels, a decrease of 1.78 million barrels (-0.21%) from the previous week. Strategic reserves increased by 515,000 barrels (+0.12%), while commercial inventories fell by 2.295 million barrels (-0.54%) [49]. Related Companies - Key companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) [3].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a focus on transformation and growth opportunities in the home furnishing sector [1]. Core Insights - The company is expected to face significant pressure on its short-term performance, with a projected net profit loss of between 1.15 billion to 850 million yuan for 2025, compared to a profit of 769 million yuan in the previous year [1]. - The report highlights a strategic shift towards enhancing quality and efficiency, leveraging AI design to create new traffic channels, and focusing on digitalization and globalization to drive revenue growth [2][3]. - The company has accelerated its overseas expansion, with positive developments in Cambodia and Macau, and plans to continue deepening its core home furnishing business while exploring new consumer scenarios [3]. Financial Summary - Total revenue is projected to decline from 12.966 billion yuan in 2024 to 11.653 billion yuan in 2025, before recovering to 12.301 billion yuan in 2026 and 12.929 billion yuan in 2027, reflecting a growth rate of -4.0%, -10.1%, 5.6%, and 5.1% respectively [4]. - The net profit attributable to the parent company is expected to be -1.004 billion yuan in 2025, with a recovery to 606 million yuan in 2026 and 699 million yuan in 2027, indicating a significant year-on-year decline of 230.5% in 2025 [4]. - The gross margin is forecasted to decrease to 20.3% in 2025, with a slight recovery to 23.3% in 2026 and 24.1% in 2027 [4]. Operational Performance - In the first half of 2025, the company's leasing and management business revenue was 23.83 billion yuan, down 21.3% year-on-year, while merchandise sales revenue increased by 29.5% to 36.31 billion yuan [2]. - The company is focusing on transforming its business model to adapt to market changes, with plans to enhance its core business and explore new consumer segments such as children's, pet, and elderly home products [3].

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The rapid growth in demand for AI model training and inference is the core driver of the current recovery in the storage industry, with high-performance storage products experiencing explosive growth. HBM has become a key component for AI servers, significantly contributing to the performance growth of leading manufacturers. Additionally, the demand for server DRAM and enterprise SSDs has increased, further squeezing the capacity for consumer products and causing price increases in storage, which are expected to continue [4][3][4]. Summary by Sections Industry Performance - The electronic sub-industry has seen adjustments, with the Shenwan Electronics secondary index showing year-to-date changes: semiconductors (+18.04%), other electronics II (+10.31%), components (+0.45%), optical electronics (+6.80%), consumer electronics (-0.76%), and electronic chemicals II (+15.58%). This week, the performance was: semiconductors (-0.90%), other electronics II (-2.87%), components (-2.34%), optical electronics (-4.06%), consumer electronics (-5.74%), and electronic chemicals II (-5.87%) [3][10]. Company Performance - **SK Hynix**: In Q4 2025, SK Hynix reported revenue of 32.83 trillion KRW, a quarter-on-quarter increase of 34% and a year-on-year increase of 66%. The gross margin was 69%, with a net profit of 15.25 trillion KRW, reflecting a 21% quarter-on-quarter and 90% year-on-year increase. The company’s full-year revenue for 2025 reached 97.15 trillion KRW, a 47% year-on-year increase [3][4]. - **Samsung Electronics**: In Q4 2025, Samsung Electronics achieved revenue of 93.8 trillion KRW, a 9% quarter-on-quarter and 24% year-on-year increase. The operating profit reached 20.1 trillion KRW, marking a 208% year-on-year increase, while the net profit was 19.64 trillion KRW. The company expects continued growth in AI and server demand in 2026 [3][4][26]. - **SanDisk**: In FY26Q4, SanDisk reported revenue of $3.025 billion, a 31% quarter-on-quarter and 61% year-on-year increase. The net profit surged by 672% year-on-year, driven by product optimization and increased ASP [4][28]. Price Trends - According to TrendForce, the contract price for general DRAM is expected to rise by approximately 55% to 60% in Q1 2026, while NAND flash prices are projected to increase by 33% to 38%, with consumer-grade QLC products seeing price increases of no less than 40% [4].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [10][11] - The coal supply is expected to tighten due to domestic supply constraints and Indonesia's reduction in coal production targets, which will support a stable recovery in coal prices throughout the year [10][11] - The investment logic of coal capacity shortages remains unchanged, with a short-term supply-demand balance and a long-term gap still present [10][11] - High-quality coal companies are characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5% [10][11] - The coal sector is considered undervalued, with overall valuation expected to improve, and public funds currently underweight in coal holdings [10][11] Summary by Sections 1. Coal Prices - As of January 31, the market price for Qinhuangdao port thermal coal (Q5500) is 691 CNY/ton, up 5 CNY/ton week-on-week [3][29] - The international thermal coal offshore price for Newcastle NEWC5500 is 74.5 USD/ton, up 0.7 USD/ton week-on-week [3][29] - The price for coking coal at Jing Tang port remains stable at 1780 CNY/ton [31] 2. Coal Supply and Demand - The capacity utilization rate for sample thermal coal mines is 88.3%, down 1.3 percentage points week-on-week [10][49] - Daily coal consumption in inland provinces decreased by 8.30 thousand tons/day (-1.8%) [50] - Daily coal consumption in coastal provinces decreased by 7.70 thousand tons/day (-3.3%) [50] 3. Industry Performance - The coal sector saw a 3.98% increase this week, outperforming the broader market [13][16] - The thermal coal segment rose by 4.07%, while the coking coal segment increased by 3.92% [16] 4. Future Outlook - The coal supply bottleneck is expected to persist, necessitating new high-quality capacity planning to meet medium to long-term energy demands [11] - The coal sector is characterized by high performance, cash flow, and dividends, with a favorable long-term outlook due to macroeconomic improvements and regulatory changes [11]

2025 年氢燃料电池车产量同比增长 44%，零碳园区建设加快有望抬高 用氢需求 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2026 年 2 月 1 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 环保 投资评级 看好 上次评级 看好 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮箱：guoxue@cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮箱：wuboying@cindasc.com [Table_Author] 化工行业： 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 2025 年氢燃料电池车产量同比增长 44%，零碳园 区建设加快有望抬高用氢需求 2026 年 2 月 1 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc. ...

Group 1 - The core conclusion indicates that since the launch of the spring market in mid-December 2025, the market has experienced two phases: from December 17, 2025, to January 12, 2026, there was a rapid inflow of leveraged funds and ETF purchases, leading to a significant rise in the Shanghai Composite Index by 8.9% and a sharp increase in turnover rate. From January 13 to January 30, 2026, the market saw a correction due to policy guidance cooling down, with a large outflow from broad-based ETFs and a decline in the index by 1.14% [3][9][10] - The report identifies two internal reasons for the short-term adjustment: first, the market tends to experience fluctuations or corrections after rapid increases in turnover rates, as seen in previous bull markets. Second, the trading volume of certain sectors, particularly non-ferrous metals, reached a high level, increasing internal adjustment pressure [4][10][14] - February is expected to continue the second half of the spring market, as it typically has the highest win rate during this period. Potential positive factors for incremental funds include increased allocation of equity assets by insurance funds, the maturity of fixed deposits, a rebound in public fund issuance, private fund replenishment, and foreign capital inflow [4][16][21] Group 2 - The report suggests that in February, small-cap growth stocks usually outperform, with a focus on themes rather than industries. High-elasticity growth themes, such as military and AI applications, may still perform well after a phase of profit-taking [4][16][24] - The analysis emphasizes the importance of mid-term logical directions in the industrial sector, indicating that after short-term valuation adjustments, there may be strong mid-term sustainability [4][16][24] - The report highlights that the current bull market is supported by a favorable liquidity environment, with potential for continued strong performance in the market, despite some expected volatility [21][24][25]

Investment Rating - The report maintains a "Positive" investment rating for the environmental sector, consistent with the previous rating [2]. Core Insights - The production of hydrogen fuel cell vehicles is expected to grow by 44% year-on-year in 2025, with the construction of zero-carbon parks accelerating hydrogen demand [2][19]. - The report highlights the government's commitment to promoting green hydrogen development and applications, with a focus on establishing zero-carbon factories in key industries by 2027 [19][30]. - The hydrogen energy sector is experiencing significant growth, with a projected increase in the scale of electrolyzer projects by 156% in 2025, indicating a robust demand for green hydrogen [26][30]. Market Performance - As of January 30, the environmental sector has underperformed the broader market, declining by 2.78%, while the Shanghai Composite Index fell by 0.44% [3][11]. - The report notes that various sub-sectors within the environmental industry have shown mixed performance, with water management and waste treatment sectors experiencing declines [14][17]. Industry Dynamics - The Ministry of Ecology and Environment, along with other departments, has issued guidelines for the management of ecological industrial parks, emphasizing low-carbon and high-quality development [3][31]. - Recent policies aim to establish a water-saving management system for industrial enterprises, encouraging the installation of online measurement facilities for water usage [33][34]. Investment Recommendations - The report suggests that the energy-saving and environmental protection sectors, along with resource recycling, are likely to maintain high levels of prosperity during the 14th Five-Year Plan period [47]. - Key investment recommendations include companies such as Hanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to companies like Wangneng Environment and Junxin Co [47].

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the introduction of a capacity pricing mechanism reform policy aimed at supporting the construction of a new energy system and promoting green and low-carbon energy transition [5] - It is projected that China's apparent natural gas consumption will reach 426.55 billion cubic meters in 2025, reflecting a year-on-year growth of 0.1% [5] - The report indicates that the electricity sector is expected to see profit improvement and value reassessment following several rounds of supply-demand tensions [5] Market Performance - As of January 30, the utility sector declined by 1.7%, underperforming the broader market, with the electricity sector down by 1.48% and the gas sector down by 3.20% [4][12] - The report notes that the coal price at Qinhuangdao Port (Q5500) increased by 5 RMB/ton week-on-week, reaching 691 RMB/ton [4][20] - The report tracks coal inventory and daily consumption, indicating a decrease in coal inventory at Qinhuangdao Port to 5.75 million tons, down by 50,000 tons week-on-week [29] Electricity Sector Data Tracking - The average price in the Guangdong electricity market for the day-ahead market was 325.42 RMB/MWh, up 2.76% week-on-week [49] - The report provides insights into the water inflow situation at the Three Gorges Reservoir, with an outflow of 9,230 cubic meters per second, up 12.01% year-on-year [42] Natural Gas Sector Data Tracking - Domestic LNG prices increased week-on-week, with the national index at 4,045 RMB/ton, reflecting a 1.33% increase [55] - The report notes that the European TTF spot price rose by 7.0% week-on-week, while the US HH spot price surged by 19.4% [59] Investment Recommendations - For the electricity sector, the report suggests focusing on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [5] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]