12月29日，来自深圳的港股机器人企业越疆宣布，启动首次公开发行人民币普通股及于深 交所上市计划。 从已经登陆科创板的百奥赛图再到映恩生物、光大环境等港股企业启动A股上市计划，港股近 期掀起一股积极"回A"的浪潮。值得关注的是，光大环境、越疆均为粤港澳大湾区企业，伴 随着企业"回A"进程的推进，"H转深A"有望增添新的示范案例，进一步探索并完善该通道的 具体实践路径。 资料显示，越疆是专门从事协作机器人开发、制造及商业化的领先企业之一，是蓬勃发展的 具身智能机器人行业前沿参与者，产品已广泛应用于工业制造、医疗手术等领域，覆盖全球 超过100个国家和地区。记者了解到，目前，越疆已委聘上市前辅导机构，并已提交A股上市 前辅导的登记申请。 安永大中华区审计服务市场联席主管合伙人汤哲辉建议，参考"A股到H股"上市的企业，港交 所对特定市值的企业开启绿色审核通道，深交所也可以对满足一定要求的企业，给予绿色通 道，缩短审核周期；此外，两地市场的信息披露存在差异，可考虑对已有信息的充分利用， 审慎评估减少A股IPO额外程序，加快上市进程。 责编：万健祎 校对： 杨舒欣 版权声明 证券时报各平台所有原创内容，未经书面授权，任 ...

垃圾焚烧企业国补平均账期平稳，25Q3国补回款显著加速 东吴证券主要观点如下： 重视国补加速的背后逻辑，垃圾焚烧板块的红利价值源于资本开支下降叠加经营性现金流改善双轮驱动 2023年以来垃圾焚烧板块自由现金流改善及分红能力提升主要系资本开支下降所驱动，该行此前报告从 资本开支下降的角度量化测算板块分红潜力，当板块资本开支降至维护性水平时(占总资产 1.0%/1.5%/2%)，对应24年分红潜力125%、114%、102%。2025Q3国补回收显著加速。当前更重要的是 该行测算可再生能源补贴基金或于2025年迎来收支平衡拐点，其后随着绿电补贴到期，收大于支，在保 障当年国补兑付的同时可逐步清缴存量欠款。因此国补回款或将迎来常态化改善，支撑板块经营性现金 流净额提升，强化现金流价值。 智通财经获悉，东吴证券发布研报称，国补回收加速带来的经营性现金流的改善将进一步强化板块的现 金流价值。可再生能源补贴基金或于2025年左右迎收支平衡，此后存量欠款有望逐步清缴，国补回款将 是常态化的改善。垃圾焚烧板块提分红+提ROE逻辑持续兑现，国补回款加速强化现金流价值+出海新 成长可期。重点推荐红利价值与出海成长。 分红潜力测算 ...

Group 1 - The core point of the article is that Shenzhen Yujiang Technology Co., Ltd. plans to launch an initial public offering (IPO) of its shares on the Shenzhen Stock Exchange after successfully listing on the Hong Kong Stock Exchange in December 2024 [1] - Yujiang Technology, founded in 2015, specializes in the development, manufacturing, and commercialization of collaborative robots, ranking first among Chinese companies and second globally in the collaborative robot industry with a market share of 13.0% as of 2023 [1] - The company has received approval from its board to initiate the A-share listing process to enhance its competitiveness and achieve long-term operational goals [1] Group 2 - The trend of Hong Kong-listed companies returning to the A-share market is increasing, with examples such as Bai'ao Saitou and Ying'en Biotechnology, both of which have initiated processes for dual listings [2] - In addition, Everbright Environment, the world's largest waste-to-energy investment and operation company, has announced plans to issue up to 800 million shares to list on the Shenzhen Stock Exchange [2]

12月29日，来自深圳的港股机器人企业越疆宣布，启动首次公开发行人民币普通股及于深交所上市计 划。从已经登陆科创板的百奥赛图再到映恩生物、光大环境等港股企业启动A股上市计划，港股近期掀 起一股积极"回A"的浪潮。值得关注的是，光大环境、越疆均为粤港澳大湾区企业，伴随着企业"回 A"进程的推进，"H转深A"有望增添新的示范案例，进一步探索并完善该通道的具体实践路径。今年以 来，A股公司赴港上市的趋势仍在延续，与此同时，港股企业回归A股市场也在不断升温。 ...

12月29日，来自深圳的港股机器人企业越疆宣布，启动首次公开发行人民币普通股及于深交所上市计 划。 从已经登陆科创板的百奥赛图再到映恩生物、光大环境等港股企业启动A股上市计划，港股近期掀起一 股积极"回A"的浪潮。值得关注的是，光大环境、越疆均为粤港澳大湾区企业，伴随着企业"回A"进程 的推进，"H转深A"有望增添新的示范案例，进一步探索并完善该通道的具体实践路径。 今年以来，A股公司赴港上市的趋势仍在延续，与此同时，港股企业回归A股市场也在不断升温。 12月10日，百奥赛图正式登陆科创板，继2022年在港交所上市后，百奥赛图正式迈入"A+H"双上市通 道。除此以外，今年4月在港交所上市的映恩生物，于11月完成科创板上市辅导备案，正式启动回A进 程；全球最大垃圾发电投资运营商光大环境今年11月公告拟发行不超过8亿股，计划登陆深交所，公司 已经于12月25日正式启动上市辅导。 资料显示，越疆是专门从事协作机器人开发、制造及商业化的领先企业之一，是蓬勃发展的具身智能机 器人行业前沿参与者，产品已广泛应用于工业制造、医疗手术等领域，覆盖全球超过100个国家和地 区。记者了解到，目前，越疆已委聘上市前辅导机构，并已提 ...

Group 1: Fixed Income Market - The issuance of perpetual bonds (二永债) increased in November, with a total of 268.3 billion yuan issued, marking a month-on-month increase of 212.3 billion yuan and a year-on-year increase of 103.7 billion yuan [7][8] - Net financing for banks' perpetual bonds in the first eleven months of 2025 was primarily from state-owned banks, totaling 275 billion yuan, which is historically low due to high redemption levels [8][9] - The secondary market for perpetual bonds showed a downward trend in yields and credit spreads, with opportunities identified in AA+ rated bonds and above, particularly focusing on 5Y AAA-rated perpetual bonds [11][12] Group 2: Environmental Industry - The municipal environmental sector is expected to benefit from the expansion of insurance capital, with a focus on cash flow and dividend yield as key selection criteria for investment [13][14] - The growth of biofuels is anticipated due to intensified carbon reduction policies starting in 2025, with SAF (Sustainable Aviation Fuel) and UCO (Used Cooking Oil) prices expected to rise [15][16] - Recommendations include focusing on companies with positive cash flow and increasing dividend expectations, such as 兴蓉环境 and 光大环境 [14][15] Group 3: Real Estate Market - The real estate sector saw a 1.9% increase in the index, with new home sales in 42 key cities rising by 9.9% week-on-week, totaling 2.61 million square meters [19][20] - The Ministry of Housing and Urban-Rural Development outlined key tasks for 2026, including stabilizing the real estate market and promoting urban renewal [20][22] - Policy adjustments in major cities like Beijing and Shanghai aim to support housing demand, particularly for families with multiple children, and to enhance the overall housing supply [20][22] Group 4: Company Analysis - 桂冠电力 - 桂冠电力 plans to acquire 大唐西藏公司 and 大唐 ZDN公司 for 2.025 billion yuan, which includes clean energy assets in Tibet [24][25] - The acquisition is expected to solidify 桂冠电力's position in the hydropower sector and enhance its development rights in the Nu River basin [25][26] - The projected net profit for 桂冠电力 from 2025 to 2027 is estimated at 2.8 billion, 3 billion, and 3.2 billion yuan, with a maintained "buy" rating due to long-term investment value in the hydropower sector [25][26]

Group 1 - The report maintains a positive investment rating for the environmental sector, highlighting the potential for growth and the strengthening of dividend attributes in municipal environmental assets [1][2] - Municipal environmental assets exhibit regional monopolistic characteristics, anti-cyclical nature, and stable profitability, with typical companies showing dividend yields between 4% and 7% [4][5] - Insurance capital has steadily increased its holdings in environmental governance, reaching 0.2% by Q3 2025, and is expected to continue favoring dividend-yielding stocks [5][11] Group 2 - The report emphasizes the importance of free cash flow turning positive and the expectation of increased dividends as key drivers for stock price appreciation in the municipal environmental sector [23][39] - The performance of municipal environmental companies has shown significant growth in profitability, with garbage incineration enterprises experiencing high profit increases and improved cash flow due to capacity growth and reduced costs [12][18] - The report suggests focusing on companies with positive cash flow nearing stabilization, such as Xingrong Environment, and those with already positive cash flow and increasing dividends, like Guangda Environment and Hanlan Environment [5][23] Group 3 - The biofuel sector is expected to benefit from ongoing international carbon reduction policies, with prices for SAF and UCO anticipated to rise due to increased demand [5][18] - The report recommends focusing on scarce biofuel industry chain targets, particularly those transitioning to SAF or expanding overseas, such as Zhuoyue New Energy [5][18] - The demand for green methanol is projected to grow significantly starting in 2025, with companies like Jiazhe New Energy being highlighted for investment [5][18] Group 4 - The report outlines that the capital expenditure in the garbage incineration sector is entering a contraction phase, which is expected to enhance free cash flow and improve dividend capabilities [39][43] - The industry is transitioning to a phase of refined operations, focusing on internal growth and cautious external expansion, with significant potential for profit and cash flow improvement [48][49] - The report highlights the importance of regional characteristics and business models in determining the profitability and operational efficiency of garbage incineration companies [54][60]

Core Viewpoint - The acceleration of national subsidies recovery will enhance the cash flow value of the environmental protection sector, particularly in the waste incineration segment, which is expected to see improved cash flow and dividend potential due to reduced capital expenditures and increased operational cash flow [1][2]. Group 1: National Subsidy Recovery - The average account period for national subsidies in waste incineration enterprises remains stable at around two years, with a slowdown in the growth of outstanding payments [2]. - The national subsidy recovery rate has significantly accelerated in Q3 2025, improving cash flow and reversing credit impairment losses [2]. - The estimated national subsidy recovery rate for enterprises in Q1-Q3 2025 is approximately 40% to 199%, with an average of about 89%, a notable increase from the 39% average in 2024 [2]. Group 2: Renewable Energy Subsidy Fund - The renewable energy development fund's income is expected to achieve a balance around 2025, with historical outstanding payments projected to reach a maximum of 4,355 billion yuan [3]. - The fund's income has been increasing annually, while expenditures have reached their limit due to the decline in benchmark electricity prices and the acceleration of new energy installations [3]. Group 3: Dividend Potential Calculation - The potential for dividends in the waste incineration sector is projected to increase from 114% to 141% as capital expenditures decrease to maintenance levels and the national subsidy recovery rate improves from 40% to 100% [4].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry, specifically focusing on the waste incineration sector [1]. Core Insights - The report highlights the dual drivers of improved operating cash flow in the waste incineration sector: a decrease in capital expenditure and accelerated national subsidies. Since 2023, the sector has seen an improvement in free cash flow and dividend capacity primarily due to reduced capital expenditures [3][5]. - The report estimates that when capital expenditures reach maintenance levels (1.5% of total assets), the dividend potential for 2024 could be as high as 141% [3]. - The national subsidy recovery is expected to accelerate significantly in 2025, with a projected average recovery rate of around 89%, up from 39% in 2024 [3][21]. Summary by Sections 1. National Subsidy Recovery for Waste Incineration - The average account period for national subsidies is stable at around 2 years, with a slowdown in the growth of outstanding payments [8][10]. - The national subsidy recovery rate for the waste incineration sector has improved significantly, with a single-quarter operating cash flow net amount of 6.33 billion RMB in Q3 2025, reflecting a year-on-year increase of 59% [13][15]. - Companies like Guangda Environment and Huanlan Environment have reported substantial improvements in subsidy recovery, with Guangda receiving approximately 20.64 billion RMB in subsidies from July to August 2025 [14][20]. 2. Renewable Energy Subsidy Fund - The renewable energy development fund is expected to reach a balance between income and expenditure around 2025, allowing for the gradual clearance of outstanding subsidies [24][25]. - The fund's income has been steadily increasing, while expenditure has reached its limit, indicating a potential for future surplus [24][25]. - By 2036, it is anticipated that historical outstanding subsidies will be resolved naturally as the pressure from subsidy expenditures decreases [25]. 3. Dividend Potential Assessment - The report calculates that the dividend potential for the waste incineration sector could rise from 114% to 141% with the acceleration of national subsidy recovery [3][19]. - The improvement in cash flow from national subsidies is expected to enhance the cash flow value of the sector, supporting the logic of increasing dividends and return on equity (ROE) [3][19]. - Key companies recommended for investment based on their dividend value include Huanlan Environment, Green Power, and Guangda Environment [3].

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].