证券代码：000598 证券简称：兴蓉环境 公告编号：2025-42 成都市兴蓉环境股份有限公司 第十届董事会第二十六次会议决议公告 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。 成都市兴蓉环境股份有限公司（以下简称：公司）于2025年7月 28日以电子邮件、专人送达方式向全体董事发出召开第十届董事会第 二十六次会议的通知。在保障董事充分表达意见的前提下，会议于 2025年7月31日以通讯表决方式召开。本次会议应出席的董事9名，实 际出席会议的董事9名。会议的召集、召开及表决程序符合法律法规 及《公司章程》的相关规定。 与会董事对议案进行了审议，形成如下决议： 资本为41,000万元，排水公司出资比例为60%，西区公司出资比例为 40%，本次投资不构成关联交易。 实施本项目符合公司发展战略，有利于积累公司在污水处理领域 的项目经验，有利于公司增厚业绩，增强市场竞争力和行业影响力。 表决结果：9票同意、0票反对、0票弃权。 一、审议通过《关于子公司成都市排水有限责任公司与成都高新 西区发展建设有限公司成立项目公司并实施成都高新西区水质净化 中心项目的议案》。 ...

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Viewpoints - Since 2024, some waste incineration and water service companies have announced reductions in loan interest rates and financial expenses, which are expected to contribute positively to their performance in a low-interest environment [2][16] - The report emphasizes the importance of focusing on companies with stable performance, increased dividends, valuation recovery, and declining borrowing costs in the waste incineration and water service sectors [6][40] Summary by Sections Debt Situation - Waste incineration and water service projects typically have a high debt financing ratio, often around 70%. These projects require significant upfront investment over 1-2 years, followed by a 20-30 year period to recover costs through operational income [4][17] - As of the end of 2024, the outstanding debt for major companies in the sector includes: - China Everbright International: 91.7 billion HKD - Conch Venture: 28.2 billion HKD - Hanlan Environment: 16.3 billion CNY - Beijing Enterprises Water Group: 75.5 billion CNY - Yuehai Investment: 23.9 billion HKD - Xingrong Environment: 14.8 billion CNY [4][17] Trends in Debt Ratios - The debt ratio for waste incineration companies has shown a declining trend over the past two years, while the increase in water service companies' debt ratios has slowed down [5][21] Impact of Borrowing Costs - Since 2018, interest rates have been on a downward trend, and as new project loan rates decrease, some companies are replacing high-interest loans. This could lead to further reductions in borrowing costs, positively impacting the performance of waste incineration and water service companies [6][31] - The report recommends focusing on companies in the waste incineration and water service sectors that exhibit stable performance and declining borrowing costs, highlighting companies such as Hanlan Environment, Xingrong Environment, China Everbright International, and others [6][40] Performance Sensitivity to Borrowing Costs - If the average borrowing cost decreases by 10, 30, or 50 basis points in 2025, the estimated profit elasticity for leading companies such as Beijing Enterprises Water Group, China Everbright International, and Green Power will be 3.62%, 10.86%, and 18.10% respectively [38] - If the average borrowing cost reaches 2.50% in 2025, the profit elasticity for top companies will be significantly higher, with estimates of 28.28% for Yuehai Investment and 20.57% for Beijing Enterprises Water Group [38] Industry Growth and Transformation - The waste incineration and water service sectors are experiencing steady growth, improved cash flow, and increased dividends. Recent market reforms are pushing the industry towards a transformation from government-oriented (To G) to business and consumer-oriented (To B, To C) models, which is expected to accelerate valuation recovery [6][40]

| 债券名称 | | | 2025 | | | 年面向专业投资者公 | | 成都市兴蓉环境股份有限公司 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 开发行科技创新公司债券（第一期） | | | | | | | | | 债券简称 | 兴蓉 25 K1 | | | | | | | | | 债券代码 | 524369 | | | | | | | | | 信用评级 | 主体 AAA，评级展望稳定，债项 | | | | | AAA | | | | 评级机构 | 联合资信评估股份有限公司 | | | | | | | | | 发行总额（亿元） | 6 | | | | | | | | | 债券期限 | 5 年 | | | | | | | | | 票面年利率（%） | 1.75 | | | | | | | | | 利率形式 | 固定利率 | | | | | | | | | 付息频率 | 每年付息一次 | | | | | | | | | 发行日 | 2025 年 7 月 22 日至 2025 年 7 | | | | 月 | 23 日 | | | | ...

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - The report highlights a recovery in electricity consumption in June, driven by the tertiary sector and residential usage, with a total electricity consumption of 8,670 billion kWh, representing a year-on-year growth of 5.4% [15][17]. - Natural gas consumption showed a slight increase in June, with a total apparent consumption of 35.05 billion m³, up 1.4% year-on-year, indicating a recovery in industry sentiment [21][48]. - The report emphasizes the ongoing optimization of energy structure in China, with significant contributions from renewable energy sources, particularly solar and nuclear power [2][8]. Summary by Sections 1. Electricity: June Consumption Growth Accelerates - In June, the industrial electricity generation reached 7,963 billion kWh, a year-on-year increase of 1.7% [7][9]. - The breakdown of electricity generation types shows a decline in hydropower by 4.0%, while nuclear power grew by 10.3%, and solar power surged by 18.3% [9][15]. - The report notes that the second industry contributed significantly to the electricity increment, accounting for 38% of the total increase [16][17]. 2. Natural Gas: Global Price Decline and June Consumption Growth - The report states that the apparent consumption of natural gas in June was 35.05 billion m³, marking a 1.4% increase year-on-year [21][48]. - The average price of LNG in Northeast Asia decreased to $11.90/mmBtu, reflecting a broader trend of declining global gas prices [22][41]. - The report anticipates that the long-term outlook for natural gas will improve due to rising LNG export capacities from the US and the Middle East [48]. 3. Weekly Market Review - The public utilities and environmental sectors underperformed compared to the CSI 300 index, while the electrical equipment sector outperformed [50]. 4. Company and Industry Dynamics - The report mentions the increase in installed capacity for solar and wind energy, with solar capacity growing by 54.2% year-on-year [53]. - It highlights the ongoing construction of large seawater desalination projects in coastal provinces to support high water-consuming industries [53]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utilities and environmental sectors, indicating potential investment opportunities [60].

Investment Rating - The investment rating for the environmental protection industry is "Positive" [2] Core Insights - The environmental sector saw a slight decline in fund holdings, with a total market value of 7.5 billion compared to 8.06 billion in the previous quarter [3][14] - The environmental sector index increased by 1.66%, underperforming the broader market, which rose by 1.67% [3][9] - Key segments within the environmental sector showed varied performance, with the resource recovery segment rising by 8.32% and other segments like solid waste management and water treatment also showing positive growth [3][9] Summary by Sections Market Performance - As of July 25, the environmental sector index increased by 1.66%, while the Shanghai Composite Index rose by 1.67% to 3593.66 [3][9] - The top-performing sectors included construction materials and coal, while banking and utilities lagged behind [3][9] Fund Holdings - In Q2 2025, the total market value of fund holdings in the environmental sector was 7.5 billion, accounting for 0.1% of total fund holdings, down from 8.06 billion in Q1 [3][14] - The garbage incineration segment had the highest market value among holdings, with significant increases in fund ownership for companies like Huanlan Environment and Shanghai Washba [14][20] Industry Dynamics - A significant project, the first integrated green electricity supply project for data centers, was launched in Inner Mongolia, aligning with national carbon neutrality goals [24] - Sichuan Province announced a special bond issuance of 85.26698 billion, focusing on project construction and repayment of government debts [25] Investment Recommendations - The report suggests that the "14th Five-Year Plan" will maintain high demand for energy conservation and environmental protection, with a focus on water and waste incineration sectors as stable investment opportunities [45][46] - Key recommendations include Huanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to companies like Wangneng Environment and Junxin Co. [46]

Core Viewpoint - Chengdu Xingrong Environment Co., Ltd. successfully issued a technology innovation corporate bond with a total scale of 600 million RMB, attracting significant interest from professional investors with a subscription multiple of 5.62 times [1][2]. Group 1: Bond Issuance Details - The bond issuance was registered with the China Securities Regulatory Commission under document number "Zheng Jian Xu Ke [2024] 1908" [1]. - The total issuance amount was capped at 600 million RMB, with a maturity of 5 years and a coupon rate of 1.75% [1]. - The issuance process concluded on July 23, 2025, and the bonds were priced at 100 RMB each, distributed through a non-public inquiry method to professional institutional investors [1]. Group 2: Investor Participation - No directors, supervisors, senior management, or shareholders holding more than 5% of shares participated in the bond subscription [2]. - The lead underwriter, Guotai Junan Securities Co., Ltd., did not participate in the subscription, while its affiliate, Shanghai Pudong Development Bank Co., Ltd., subscribed for 60 million RMB [2]. - All participating investors met the regulatory requirements set forth in various guidelines, ensuring compliance throughout the issuance process [2][3]. Group 3: Fairness and Compliance - The bond issuance process was conducted without any manipulation of pricing or unfair practices by the issuer or underwriter [3]. - The issuer confirmed that there were no actions taken to gain improper benefits or to disrupt market order during the bond issuance [3].

成都市兴蓉环境股份有限公司 2025 年面向专业投资者公开发行科技 创新公司债券（第一期）发行结果公告 证券代码：524369.SZ 证券简称：25 兴蓉 K1 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 成都市兴蓉环境股份有限公司（以下简称"发行人"）向专业投资者公开发 行面值不超过人民币 20 亿元（含 20 亿元）的公司债券已获得中国证券监督管理 委员会"证监许可【2024】1908 号"文注册。根据《成都市兴蓉环境股份有限 公司 2025 年面向专业投资者公开发行科技创新公司债券（第一期）发行公告》， 成都市兴蓉环境股份有限公司 2025 年面向专业投资者公开发行科技创新公司债 券（第一期）（以下简称"本期债券"）发行规模为不超过人民币 6 亿元（含 6 亿 元），债券期限为 5 年期。发行价格为每张 100 元，采取网下面向专业机构投资 者询价配售的方式。 本期债券发行工作已于 2025 年 7 月 23 日结束，最终实际发行规模为 6 亿元， 票面利率为 1.75%，认购倍数为 5.62 倍。 发行人的董事、监事、高级管理人员、持股比例超过 5%的 ...

Core Insights - The report highlights the increasing investment from insurance funds in the environmental sector, particularly in water and waste management companies, indicating a strong investment value in this sector [2][10][13] - The government policies are expected to further enhance the investment capacity of insurance funds, providing a stable influx of capital into the market [2][10] - The environmental sector is characterized by stable cash flows and strong profitability, driven by essential municipal services and favorable operating models [2][10][13] Summary by Sections Investment Trends - Insurance funds have been actively increasing their stakes in environmental assets, with notable investments in companies like Green Power and China Water Affairs [2][10][13] - The report notes that since 2023, several insurance companies have made significant investments in various water and environmental firms, showcasing the sector's attractiveness [2][10] Financial Performance - The water and waste management sector is described as having stable demand and revenue, with costs primarily related to depreciation and labor, leading to consistent profitability [2][10][13] - The report anticipates improvements in cash flow and dividend payouts as the sector matures, with capital expenditures (Capex) significantly decreasing [3][10][13] Investment Recommendations - The report recommends several A-share and H-share companies in the environmental sector, including Hanlan Environment, Xingrong Environment, and Everbright Environment, citing their strong profit certainty and improving cash flows [3][10][13] - It emphasizes that investments in environmental assets can yield multiple benefits, including dividends, earnings per share (EPS) growth, and valuation increases [3][10][13]

2025 年 7 月 21 日，发行人和主承销商在网下向专业机构投资者进行了票面利 率询价，利率询价区间为 1.60%-2.60%。根据网下向专业机构投资者询价结果，经 发行人和主承销商充分协商和审慎判断，最终确定本期债券票面利率为 1.75%。 证券代码：524369.SZ 证券简称：25 兴蓉 K1 成都市兴蓉环境股份有限公司 2025 年面向专业投资者公开发行科技 创新公司债券（第一期）票面利率公告 成都市兴蓉环境股份有限公司（以下简称"发行人"）向专业投资者公开发 行面值不超过人民币 20 亿元（含 20 亿元）的公司债券已获得中国证券监督管理 委员会"证监许可【2024】1908 号"文注册。成都市兴蓉环境股份有限公司 2025 年面向专业投资者公开发行科技创新公司债券（第一期）（以下简称"本期债券"） 发行规模为不超过人民币 6 亿元（含 6 亿元），债券期限为 5 年期。 发行科技创新公司债券（第一期）票面利率公告》之盖章页） 发行人将按上述票面利率于 2025 年 7 月 22 日至 2025 年 7 月 23 日面向专业机 构投资者网下发行。具体认购方法请参考 2025 年 7 月 16 日 ...

Group 1 - The company announced the resignation of Zhao Lu, the Vice General Manager and Financial Officer, due to work adjustments, effective upon delivery of the resignation report to the board [1][2] - The company appointed Song Xinglai as the new Vice General Manager and Financial Officer, with a term lasting until the end of the current board's tenure [1][2] - The personnel changes comply with the requirements of the Company Law and relevant regulations, and the necessary procedures have been completed [2] Group 2 - The personnel changes are considered normal operational matters and are not expected to have a significant adverse impact on the company's governance, operations, or debt repayment capabilities [2]