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]

Group 1 - The report is about the change in the financial officer of Chengdu Xingrong Environment Co., Ltd, with the resignation of Zhao Lu and the appointment of Song Xinglai as the new financial officer [2][3] - Zhao Lu submitted her resignation due to work adjustments, effective upon delivery to the board of directors, and will no longer hold any position in the company [2] - Song Xinglai, a senior accountant with a background in accounting and previous experience as the deputy general manager of Chengdu Water Co., has been appointed as the new financial officer [3] Group 2 - The company has completed the necessary procedures for the personnel change in accordance with the Company Law and its articles of association [3] - The change in the financial officer is considered a normal occurrence in the company's operations and is not expected to adversely affect its daily management, production operations, or debt repayment capacity [3] - The trustee manager, CITIC Jianzhong Securities, will continue to monitor the company's bond interest payments and other significant matters affecting bondholders [4]

Core Points - Chengdu Xingrong Environment Co., Ltd. is extending the book-building time for its public issuance of technology innovation corporate bonds aimed at professional investors, originally scheduled for July 21, 2025 [1] - The total face value of the bonds to be issued is not more than RMB 2 billion, which has been registered with the China Securities Regulatory Commission [1] - The book-building end time has been extended from 18:00 to 19:00 on July 21, 2025, due to significant market fluctuations on the day of book-building [1] Summary by Sections - **Company Information** - Chengdu Xingrong Environment Co., Ltd. is issuing corporate bonds with a face value of up to RMB 2 billion [1] - The issuance has received regulatory approval from the China Securities Regulatory Commission [1] - **Bond Issuance Details** - The book-building process for the bonds will take place on July 21, 2025, from 15:00 to 19:00 [1] - The final coupon rate for the bonds will be determined based on the results of the book-building process [1] - **Market Conditions** - The decision to extend the book-building time was made due to significant market changes on the scheduled date [1]

（一）原任职人员变动的基本情况 近日，成都市兴蓉环境股份有限公司（以下简称"公司"）收到 公司副总经理（财务负责人）赵璐女士递交的书面辞职报告。因工作 调整，赵璐女士辞去公司副总经理（财务负责人）职务（原定任期至 第十届董事会任期届满之日止），辞职后将不再担任公司任何职务。 本次辞职报告自送达董事会时生效。 （二）新聘任人员的基本情况 债券代码：149193.SZ 债券简称：20 兴蓉 01 成都市兴蓉环境股份有限公司 关于财务负责人发生变动的公告 本公司全体董事或具有同等职责的人员保证本公告内容不存在 任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担相应的法律责任。 一、人员变动的基本情况 截至本公告出具之日，公司已按照《公司法》和公司章程相关规 定，完成工作交接等相关程序。 二、影响分析和应对措施 上述人员变动系公司经营过程中的正常事项，对公司的公司治理、 生产经营及偿债能力无重大不利影响，不会对董事会或其他内部有权 决策机构决策的有效性产生重大不利影响。 特此公告。 公司于 2025 年 7 月 17 日召开的第十届董事会第二十五次会议， 审议通过《关于聘任公司高级管理人员 ...

债券代码：149193.SZ 债券简称：20兴蓉01 关于成都市兴蓉环境股份有限公司 财务负责人发生变动的临时受托管理事务报告 债券简称：20 兴蓉 01 债券代码：149193.SZ 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 二零二五年七月 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》、成都市兴蓉环境股份有限公司（以下简称"发行人"或"公司"）就 存续公司债券与受托管理人签署的受托管理协议（以下简称"《受托管理协议》"） 及其它相关信息披露文件以及发行人出具的相关说明文件和提供的相关资料等， 由受托管理人中信建投证券股份有限公司（以下简称"中信建投证券"或"受托 管理人"）编制。中信建投证券编制本报告的内容及信息均来源发行人提供的资 料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 承诺或声明。在任何情况下，未经中信建投证券书面许可，不得将本报告用作其 他任何用途。 1 宋兴来，男，汉族，中共党员，1977 年生，会计专业，大学学历，高级会 计师。曾 ...

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》，发行人和簿记管理人定于 2025 年 7 月 21 日 15:00-18:00 以簿记建档的方式向网下投资者进行利率询价，并根据簿记建档 结果确定本期债券的最终票面利率。 因簿记建档当日市场变化较为剧烈，经发行人、簿记管理人及其他簿记参与 方协商一致，现将簿记建档结束时间由 2025 年 7 月 21 日 18:00 延长至 2025 年 7 月 21 日 19:00。 关于延长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）簿记建档时间的公告 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。 资者公开发行科技创新公司债券（第一期）簿记建档时间的公告》之盖章页） 国泰海通证券股份有限公司 年 月 日 （本页无正文，为《关于延长成都市兴蓉环境股份有限公司 2025 年面向专业投 （本页无正文，为《关于延长成都市兴蓉 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their potential benefits from recent developments [3][4]. Core Insights - The commencement of the Yarlung Tsangpo River downstream hydropower project is expected to significantly boost demand for hydropower equipment, benefiting leading companies in the sector [4][14]. - The report highlights a decline in European and Asian gas prices due to varying supply and demand dynamics, suggesting a potential opportunity for gas companies [17][18]. Summary by Sections 1. Power: Yarlung Tsangpo Downstream Hydropower Project Commencement - The Yarlung Tsangpo River has substantial hydropower resources, with a theoretical capacity of 113 million kilowatts, making it one of the richest rivers in Tibet [8]. - The project involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, primarily for power transmission outside Tibet [9][10]. - The project is expected to create a demand for hydropower equipment, with estimated annual orders of 4 billion yuan for Dongfang Electric and Harbin Electric, ensuring stable long-term performance for these companies [14][16]. 2. Gas: Global Supply and Demand Variations - As of July 18, the Henry Hub spot price in the US was $3.57/mmBtu, reflecting a weekly increase of 7.57%, while European gas prices showed a decline [17][19]. - The report notes that despite high temperatures increasing gas demand in the US, the overall supply remains stable, leading to a mixed outlook for gas prices [20][26]. - Recommendations include focusing on integrated gas companies like Kunlun Energy and New Hope Energy, which are expected to benefit from cost reductions and improved profitability [37]. 3. Weekly Market Review - The report indicates that the public utility, power, power equipment, environmental protection, and gas sectors underperformed compared to the CSI 300 index during the week [41]. 4. Company and Industry Dynamics - Recent government initiatives in Qingdao aim to accelerate the development of non-fossil energy and offshore wind projects, indicating a supportive policy environment for renewable energy [45]. - The report also highlights significant developments in nuclear power and energy storage projects in various provinces, showcasing ongoing investments in clean energy [47][48]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility and environmental sectors, providing insights into their market positions and potential for growth [51].

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Views - The report highlights the collaboration between Jinko Environment and Kunheng International to issue RWA, enhancing the market value of quality assets [9] - Huanlan Environment's internal growth and acquisition performance exceeded expectations, with a significant increase in net profit [12] - The report emphasizes the decline in capital expenditure in waste incineration, leading to improved free cash flow and increased dividends, while also noting the efficiency improvements in heating and IDC that boost ROE and valuation [16] - The water service sector is positioned as the next growth area similar to waste incineration, with a focus on marketization and cash flow improvements [19] Summary by Sections Jinko Environment - Jinko Environment has reached a cooperation intention for RWA issuance with Kunheng International, aiming to enhance the market value of its quality assets through digital asset management [9][10] Huanlan Environment - Huanlan Environment reported a net profit of 9.67 billion yuan for H1 2025, a year-on-year increase of 9.00%, with a significant internal growth rate of 18% in Q2 2025 [12][14] - The integration of Yuefeng has contributed positively to the company's performance, with a monthly profit contribution exceeding previous levels [14][15] Waste Incineration - The report notes a decrease in capital expenditure in the waste incineration sector, leading to a substantial improvement in free cash flow and increased dividends for companies like Junxin and Green Power [16][17] - The sector is transitioning into a mature phase, with a focus on efficiency improvements and cost reductions to enhance ROE [16][18] Water Services - The water service sector is highlighted as a stable and low-valuation area with high dividend potential, with companies like Xingrong and Hongcheng Environment expected to see significant cash flow improvements [19][21] - The report anticipates a shift in water pricing policies that will support sustainable growth and valuation increases similar to trends observed in the US water industry [20][21] Environmental Equipment - The report indicates a 90.56% year-on-year increase in sales of new energy sanitation vehicles, with a penetration rate of 15.86% [28] - The overall sales of sanitation vehicles increased by 3.59%, indicating a positive trend in the environmental equipment sector [28][34] Biodiesel and Lithium Battery Recycling - Biodiesel prices remained stable, but profit margins have decreased, with the average profit per ton dropping to 130 yuan [42] - The lithium battery recycling sector is experiencing an upward trend in metal prices, leading to slight improvements in profitability [44]

Group 1 - Minghe Investment recently conducted research on a listed company, Xingrong Environment, focusing on its new projects and ongoing construction progress [1] - Xingrong Environment has introduced several projects, including the Chengdu Xiwayan Reclaimed Water Plant and Chengdu Sludge Phase III Project, which are already operational [1] - The company is planning to launch the Chengdu Wanxing Environmental Power Plant (Phase III) project in 2026, with a gradual decrease in future capital expenditures and an emphasis on increasing dividend payouts [1] Group 2 - Minghe Investment, established in April 2010 with a registered capital of 10 million RMB, adheres to a "stable, long-term, and win-win" investment philosophy [2] - The company focuses on professional and standardized investment management services, supported by a robust research system and experienced management team [2] - Minghe Investment employs a partner management model, where core employees hold company shares and options, continuously improving incentive mechanisms [2]

Investment Rating - The investment rating for the environmental sector is "Positive" [2] Core Viewpoints - The report highlights the ongoing promotion of a dual pricing system for heating, indicating that the reform of heating prices is continuously advancing. The centralized heating area in China has shown a growth trend, increasing from 8.309 billion square meters in 2017 to 11.549 billion square meters in 2023, with a compound annual growth rate of 5.6% [3][14] - The report emphasizes that the heating pricing mechanism is expected to be further streamlined with policy support, as local governments have initiated price adjustment policies in response to rising operational pressures on heating enterprises [3][24][25] Summary by Sections Market Performance - As of July 18, the environmental sector declined by 0.49%, underperforming the broader market, which saw the Shanghai Composite Index rise by 0.69% to 3534.48 [3][9] Industry Dynamics - The Central Urban Work Conference held on July 14-15 emphasized building green and low-carbon cities and improving urban biodiversity [29] - New national ecological standards for air quality monitoring were approved, set to be implemented on August 1, 2025 [31] Special Topic: Heating Price Reform - The report details the dual pricing system for heating, which combines a basic heating price and a metered heating price. The basic price can be set between 30%-60% of the total heating price, with encouragement for a 30% ratio in practice [22][24] - The total heating supply through hot water has increased from 2.765 billion gigajoules in 2014 to 3.63 billion gigajoules in 2023, with a compound annual growth rate of approximately 3.1% [17][19] 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 quality operational assets in the water and waste incineration sectors. Key recommendations include companies like Hanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to companies such as Wangneng Environment and Junxin Co [3][46]