香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公告僅供參考用途，並不構成收購、購買或認購證券之邀請或要約，亦不邀請任何該 等要約或邀請。 CHINA EVERBRIGHT ENVIRONMENT GROUP LIMITED 中國光大環境（集團）有限公司 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號：257） 自願性公告 向中國銀行間市場交易商協會申請註冊及 建議發行資產支持票據及承銷協議 1 建議發行資產支持票據須待（其中包括）交易商協會批准後方可作實，並受市場狀況所 限，故不一定會進行。因此，本公司股東及潛在投資者於買賣本公司證券時務必審慎行 事。本公司將就建議發行資產支持票據適時作出進一步公告。 承銷協議 於二零二五年十月十六日，光大環保中國與光大證券股份有限公司（「光大證券」）就建 議發行資產支持票據訂立承銷協議（「承銷協議」），據此，光大證券作為主承銷商，將負 責按照承銷協議的條款發行資產支持票據。 董事（包括獨立非 ...

Market Overview - The Hong Kong stock market rebounded, with the Hang Seng Index and the Hang Seng China Enterprises Index rising by 1.8% and 1.9% respectively. The Hang Seng Tech Index saw a 2.6% increase, driven by a general rebound in technology stocks [1] - Xinhua Insurance (1336 HK) announced a profit increase of 45%-65% year-on-year for the first three quarters, leading to a nearly 10% surge in its stock price. China Life (2628 HK) and China Taiping (966 HK) also experienced significant stock price increases [1] - Airlines such as Air China (753 HK), China Eastern Airlines (670 HK), and China Southern Airlines (1055 HK) reported a year-on-year increase in passenger turnover for September, resulting in rising stock prices [1] - The construction materials sector saw China National Building Material (3323 HK) issue a profit warning, leading to a nearly 10% increase in its stock price [1] - The China Automobile Industry Association reported double-digit growth in both production and sales of automobiles for the first three quarters, contributing to a rise in Geely Automobile (175 HK) stock. The National Development and Reform Commission announced a "three-year doubling" plan for electric vehicle charging facilities, further boosting the sector [1] Macro Dynamics - China's Consumer Price Index (CPI) fell by 0.3% year-on-year in September, a larger decline than the Bloomberg forecast of 0.1%, marking the second consecutive month of decline. This reflects a slight weakness in economic momentum, although the month-on-month decline from August's 0.4% has narrowed [3] Industry Dynamics Automotive Sector - Despite the larger-than-expected CPI decline in September, the Hong Kong stock market ended its consecutive downtrend. The National Development and Reform Commission released a plan to significantly enhance electric vehicle charging infrastructure by 2027, aiming to establish 1,000 pilot communities with improved private charging access and safety management [4] - The new version of Zeekr 001 has seen explosive order growth, with pre-orders exceeding 10,000, setting a historical daily sales record. This surge in orders is expected to put pressure on battery supply, potentially extending new car delivery times. Geely Automobile (175 HK) saw a 4.1% increase in stock price [4] - GAC Group (2238 HK) is reportedly collaborating with JD.com and CATL to launch a new vehicle, which has led to a 9.8% increase in its stock price. Other automotive companies also experienced stock price increases of 2%-4% [4] Healthcare Sector - The Hang Seng Healthcare Index rebounded by 2.8%, following the overall market trend. Pfizer's CEO emphasized the importance of collaboration between the U.S. pharmaceutical industry and China, indicating a positive outlook for U.S. drug companies [5] - The Hong Kong-based ophthalmology operator, Hema Medical (3309 HK), has shown stable performance in its Hong Kong operations and is expected to benefit from the rising incidence of eye diseases due to an aging population. The company has also been expanding its domestic business, with several hospitals in mainland China reporting increased revenue in the first half of 2025 [5] New Energy and Utilities - The new energy and utilities sector in Hong Kong saw a general rebound, with the photovoltaic sector continuing its upward trend amid expectations of production cuts. Stocks such as Xinyi Solar (968 HK), Flat Glass Group (6865 HK), and GCL-Poly Energy (3800 HK) rose by 3.7%, 2.7%, and 5.6% respectively [6] - The environmental protection sector also received strong investor support, with companies like China Everbright International (257 HK), Beijing Enterprises Water Group (371 HK), and China Green Power (1330 HK) seeing stock price increases of 0.8%-4.1% [6]

Core Insights - The 2025 Sustainable Global Leaders Conference is being held in Shanghai from October 16 to 18, focusing on global action, innovation, and sustainable growth [4] - Liu Qiuming, President of Everbright Securities, emphasized the company's commitment to sustainable development and ESG principles, aiming to become a leading service-oriented investment bank in China [2][10] Group 1: Company Strategy and Vision - Everbright Securities aims to integrate ESG into its investment activities, strictly controlling investments in high-energy and high-pollution sectors [2][8] - The company has established a professional ESG research team to promote sustainable development from an internal governance perspective [2][8] - The strategic goal is to align with national strategies and support the real economy through high-quality financial services [6][10] Group 2: Sustainable Development Initiatives - Everbright Securities has achieved a financing scale of 65.82 billion for green industries since the 14th Five-Year Plan, supporting projects like carbon-neutral bonds [9] - The company is actively involved in promoting inclusive finance, with over 1,000 educational activities reaching 200,000 participants in the first half of the year [9] - In the area of pension finance, Everbright is working to enhance wealth management services and participate in the construction of the third pillar of pension systems [9] Group 3: Conference Highlights - The conference is co-hosted by the World Green Design Organization and Sina Group, with around 500 prominent guests, including Nobel laureates and leaders from Fortune 500 companies [4] - The event aims to explore new paths for sustainable development and inject "Chinese momentum" into global governance [4]

Core Viewpoint - The 2025 Sustainable Global Leaders Conference emphasizes the importance of the financial sector's role in sustainable development and its alignment with the real economy, as articulated by Liu Qiuming, President of Everbright Securities [1][3][4]. Group 1: Conference Overview - The 2025 Sustainable Global Leaders Conference is scheduled from October 16 to 18 in Shanghai, focusing on global action, innovation, and sustainable growth [1][4]. - The conference is co-hosted by the World Green Design Organization and Sina Group, with support from the Shanghai Huangpu District People's Government [4]. Group 2: Industry Insights - Liu Qiuming highlighted the transition of China's financial industry from "expansion" to "optimization and strengthening," presenting new opportunities for high-quality development in the capital market [3]. - The securities industry is positioned as a crucial hub connecting the capital market with the real economy, tasked with guiding resources towards advanced manufacturing and strategic emerging industries [3]. Group 3: Company Strategy - Everbright Group has established a strategic advantage through the integration of finance and industry, encompassing core financial services such as banking, securities, insurance, and asset management, alongside industrial companies in environmental protection and wellness [3]. - Everbright Securities, with a 30-year history, is committed to a "service-oriented investment bank" strategy, focusing on serving national strategies and the real economy while enhancing service quality in key sectors like advanced manufacturing and green environmental protection [3][4]. Group 4: Conference Participation - The conference will feature approximately 500 prominent guests, including around 100 international attendees, such as political figures, Nobel laureates, and leaders from Fortune 500 companies, showcasing a strong lineup of global expertise [4].

Core Viewpoint - Xi'an Yichai is going public today, focusing on the production of 12-inch silicon wafers, becoming a significant player in the semiconductor industry in China and globally [2] Group 1: Company Announcements - Xi'an Yichai is issuing 537.8 million shares at a price of 8.62 yuan per share, with a total of 5.378 billion shares available for public offering [2] - The company is the largest 12-inch silicon wafer manufacturer in mainland China and the sixth globally, with a market share of approximately 6% in monthly shipment volume and 7% in production capacity by the end of 2024 [2] - The National Integrated Circuit Industry Investment Fund holds a 7.5% stake in Xi'an Yichai, indicating confidence in the company's role in the semiconductor supply chain [2] Group 2: Financing Activities - Three companies announced non-public issuance plans, with DeLi Co. planning to issue up to 118 million shares at 6.12 yuan per share, raising approximately 720 million yuan for working capital and loan repayment [3] - Digital政通 plans to raise 1.05 billion yuan through a non-public issuance to fund urban management service platform projects [5] - Junpu Intelligent aims to raise 1.161 billion yuan for smart robotics and healthcare technology projects through a non-public issuance [5] Group 3: Market Trends - As of October 15, the total market financing balance reached 2.43 trillion yuan, marking an increase of 23.14 billion yuan, continuing a trend of growth for three consecutive trading days [6] - 451 stocks saw net financing purchases exceeding 10 million yuan, with 29 stocks having net purchases over 100 million yuan [7] - Leading the net purchases was Sunshine Power with 918 million yuan, followed by Shenghong Technology and Antai Technology with 485 million yuan and 361 million yuan, respectively [8] Group 4: Earnings Forecasts - Thirteen companies released third-quarter earnings forecasts, with nine expecting profit increases, including Shuo Beid with an anticipated profit of 49.53 million to 51.53 million yuan, representing a year-on-year increase of 1258.39% to 1313.24% [11] - Other companies like Meinian Health and Tailin Microelectronics also forecasted significant profit increases, with expected growth rates exceeding 100% [11][12]

Core Viewpoint - DeLi Co., Ltd. is undergoing a significant ownership change, with shares to be issued to Xinjiang Bingxin New Construction Partnership, which will become the largest shareholder, holding 23.08% of the company after the issuance [4][6]. Group 1: Ownership Change - DeLi Co., Ltd. plans to issue shares at a price of 6.12 CNY per share to raise up to 720 million CNY, which will be used for working capital or repaying bank loans [4]. - The current controlling shareholder, Shi Weidong, will relinquish all voting rights associated with his shares [5]. - After the completion of the share issuance, the controlling shareholder will change to Xinjiang Bingxin New Construction Partnership, with actual control shifting to the Fourth Division of Keke Dara City Silk Road Financial Development Promotion Center [6]. Group 2: Strategic Implications - Xinjiang Bingxin New Construction Partnership's entry is expected to leverage its cross-border trade background and advanced manufacturing capabilities to enhance DeLi Co., Ltd.'s operational efficiency and market competitiveness [7]. - The partnership aims to create a virtuous cycle of "industry guiding capital and capital supporting industry," aligning with the Belt and Road Initiative to expand overseas order channels [7]. Group 3: Business Transformation - DeLi Co., Ltd. is actively pursuing business transformation, including the establishment of a neutral silica pharmaceutical glass project and a photovoltaic glass project, although the latter faced challenges due to industry downturns [8]. - The company has halted production of photovoltaic glass and pharmaceutical glass projects in response to market conditions [8]. Group 4: International Expansion - DeLi Co., Ltd. has made strides in international expansion, with its first overseas project in Pakistan achieving sales revenue of 160 million CNY in 2024 and meeting monthly profit targets [9]. - Plans are in place to expand production capacity in Pakistan and establish a production base in Egypt, with an estimated investment of 50 million USD for a glassware project [10]. Group 5: Financial Outlook - The company's debt-to-asset ratio has been increasing, projected to reach 68.55% by mid-2025, but the upcoming share issuance and ownership change are expected to improve the asset structure and reduce liquidity risks [10]. - DeLi Co., Ltd. has set a strategic goal for 2025 focused on structural adjustment, capacity optimization, and cost reduction, with commitments to maintain positive cash flow and net profit in its glass business from 2026 to 2028 [11].

Core Viewpoint - The report highlights a mixed performance in the market, with the Shanghai and Shenzhen 300 Index declining by 0.51%, while the public utility index rose by 3.45% and the environmental index increased by 1.49% [2] Market Review - The public utility and environmental sectors ranked 4th and 10th respectively among 31 primary industry categories, indicating a strong performance relative to other sectors [2] - Within the electricity sector, coal-fired power increased by 7.83%, hydropower by 2.30%, and renewable energy generation by 3.72%. The water sector rose by 5.55%, gas by 7.05%, and testing services by 1.53% [2][3] Important Events - As of October 12, 2025, multiple provinces have released documents related to the "Document No. 136" and initiated or completed competitive pricing for new energy incremental projects [2] Specialized Research - Green methanol, produced from renewable resources, significantly reduces carbon emissions during its production process. It must meet two key criteria: the hydrogen source must be green hydrogen, and the carbon source must be from biomass or carbon capture technologies [2] Investment Strategy - Recommendations include: - For coal-fired power, companies like Huadian International and Shanghai Electric are suggested due to stable profitability [3] - In the renewable energy sector, leading companies such as Longyuan Power and Three Gorges Energy are recommended, along with regional offshore wind power firms [3] - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are expected to maintain stable earnings [3] - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [3] - In the gas sector, Jiufeng Energy is recommended for its capabilities in marine gas trading [3] - For the environmental sector, companies like China Everbright Environment and Zhongshan Public Utilities are suggested due to improving cash flows [4]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report highlights the benefits of rising metal prices for companies like High Energy Environment and the performance contributions from green electricity in mining for Longjing Environmental Protection. It emphasizes the value of water and solid waste dividends [1] Industry Trends - The environmental protection industry is expected to see a significant increase in cash flow and dividends due to reduced capital expenditures and improved operational efficiency. The solid waste sector is entering a mature phase, with free cash flow turning positive in 2023 and continuing to improve in 2024 [18][20] - The report notes that the market for water services is stabilizing, with a focus on cash flow improvements and potential for high dividends, similar to the garbage incineration sector [23][24] Company Tracking - High Energy Environment is benefiting from rising metal prices and is actively expanding its resource recycling operations. Longjing Environmental Protection is seeing performance contributions from new projects in green electricity and storage equipment [5][18] - The report recommends several companies for investment, including Huanlan Environment, Green Power, and Yongxing Co., highlighting their strong dividend potential and operational improvements [5][23] Policy Tracking - The Ministry of Ecology and Environment is set to release a carbon emissions trading market allocation plan for the steel, cement, and aluminum industries, which will cover approximately 1,500 new key emission units and manage a total emission volume of 3 billion tons of CO2 equivalent [10][11]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6]. Core Insights - The report highlights the significant rise in the public utility and environmental indices, with the public utility index increasing by 3.45% and the environmental index by 1.49% during the week [1][31]. - The report emphasizes the ongoing support from national policies for renewable energy development, which is expected to stabilize profitability in the renewable energy sector [3][29]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.51%, while the public utility index rose by 3.45% and the environmental index by 1.49% [1][31]. - Within the electricity sector, coal-fired power increased by 7.83%, hydropower by 2.30%, and renewable energy generation by 3.72% [1][32]. Important Events - Multiple provinces have released documents related to the "136 Document" and initiated or completed bidding for new energy incremental project pricing mechanisms [1][23]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][29]. - The report suggests investing in leading renewable energy companies such as Longyuan Power and Three Gorges Energy, as well as high-quality offshore wind companies [3][29]. - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability [3][29]. - High-dividend hydropower stocks like Yangtze Power are recommended for their defensive attributes [3][29]. - The report also highlights investment opportunities in the environmental sector, particularly in water and waste incineration industries [3][30]. Key Company Earnings Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.49 in 2024 and 0.62 in 2025 [5]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.76 in 2024 and 0.81 in 2025 [5]. - Recommendations extend to companies like Guangxi Energy and Funiu Co., which are positioned well in the renewable energy sector [5][30].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][29]. Core Views - The report highlights the significant growth in the public utility and environmental sectors, with the public utility index rising by 3.45% and the environmental index by 1.49% during the week [1][31]. - The report emphasizes the importance of green methanol production, which significantly reduces carbon emissions throughout its lifecycle, and outlines the two main production routes: biological methanol and electro-methanol [2][15]. - The report suggests that coal and electricity prices are expected to decline simultaneously, allowing thermal power profitability to remain reasonable, and recommends major thermal power companies such as Huadian International and Shanghai Electric [3][29]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.51%, while the public utility index rose by 3.45% and the environmental index by 1.49%, with respective relative returns of 3.97% and 2.00% [1][31]. - Within the power sector, thermal power increased by 7.83%, hydropower by 2.30%, and renewable energy generation by 3.72% [1][31]. Important Events - As of October 12, 2025, multiple provinces have released documents related to the "136 Document" and initiated or completed competitive pricing for new energy incremental projects [1][23]. Investment Strategy - The report recommends several companies across different sectors: - For thermal power: Huadian International and Shanghai Electric [3][29]. - For renewable energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies [3][29]. - For nuclear power: China Nuclear Power and China General Nuclear Power [3][29]. - For hydropower: Yangtze Power [3][29]. - For gas: Jiufeng Energy [3][29]. - For environmental services: China Everbright Environment and Zhongshan Public Utilities [3][30]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform" [5][8]: - Huadian International (Code: 600027.SH) - Longyuan Power (Code: 001289.SZ) - China Nuclear Power (Code: 601985.SH) - Yangtze Power (Code: 600900.SH) - Jiufeng Energy (Code: 605090.SH) Special Research - The report discusses the production routes for green methanol, emphasizing the need for renewable hydrogen and carbon sources [2][15]. - It also details the competitive pricing results for new energy projects across various provinces, highlighting specific prices and execution periods [23][26].