Core Viewpoint - The centrifugal ductile iron pipe industry in China is expected to grow significantly, with a market size projected to reach 60.358 billion yuan in 2024, reflecting an 8.0% year-on-year increase, driven by urbanization and government policies promoting infrastructure upgrades [1][7]. Industry Overview - Centrifugal ductile iron pipes, known for their excellent mechanical properties, corrosion resistance, and economic viability, are increasingly favored for municipal pipeline renovations [1][3]. - The industry is characterized by various classifications based on pressure ratings, joint types, surface treatments, and specific applications [3][4]. Market Size and Growth - The market size for centrifugal ductile iron pipes in China is projected to reach 60.358 billion yuan in 2024, with an annual growth rate of 8.0% [1][8]. - The length of urban water supply pipelines in China is expected to grow from 710,200 kilometers in 2015 to 1,199,500 kilometers by 2024, with a compound annual growth rate of 6.0% [7]. Industry Chain - The industry chain consists of upstream raw material supply (pig iron, coke, scrap steel), midstream production, and downstream applications in urban water supply, sewage treatment, and municipal engineering [6]. - The production of pig iron, a key raw material, is projected to decline to 85.173 million tons in 2024, reflecting a 2.3% year-on-year decrease [6]. Competitive Landscape - The centrifugal ductile iron pipe industry is becoming increasingly concentrated, with leading companies like Xinxing Ductile Iron Pipes and Saint-Gobain Pipe Systems dominating the market [9]. - Smaller manufacturers are competing primarily on price in regional markets, leading to a differentiated competitive landscape [9]. Development Trends - The industry is moving towards lightweight pipe solutions that optimize production costs and improve installation efficiency [12]. - There is a dual trend of high-end and customized product development to meet diverse application needs, enhancing mechanical performance and durability [13]. - The concentration of the industry is expected to increase, with leading firms gaining market share as smaller companies face challenges [14].

国泰海通证券股份有限公司 关于成都市兴蓉环境股份有限公司 董事长任职的临时受托管理报告 受托管理人 国泰海通证券股份有限公司 GUOTAI HAITONG SECURITIES CO., LTD. (住所: 中国（上海）自由贸易试验区商城路 618 号) 债券代码: 524369.SZ 债券简称: 25 兴蓉 K1 2026 年 1 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 2024 年面向专业投资者公开发行公司债 券之债券受托管理协议》等相关规定和约定、公开信息披露文件以及成都市兴蓉 环境股份有限公司（以下简称公司、"兴蓉环境"或发行人）出具的相关说明文 件以及提供的相关资料等,由受托管理人国泰海通证券股份有限公司(以下简称 国泰海通证券)编制。 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 事宜做出独立判断。 1 一、人员变动事项 近日发行人新任董事长任职,具体情况如下: (一) 原任职人员的基本情况 发行人已于 2026 年 1 月 8 日发布《成都市兴蓉环境股份有限公司关于公司 董事长辞职的公告》,国泰 ...

北京炜衡（成都）律师事务所 关于 成都市兴蓉环境股份有限公司 2026 年第一次临时股东会的 法 律 意 见 书 二〇二六年一月二十七日 Beijing W&H Law Firm, Chengdu Office 成都高新区天府大道北段 1777 号 7 栋 1 单元 38 层 3801 号、39 层 3901 号 邮编：610000 No. 3801, 38th Floor, Unit 1, Building 7, No. 1777, North Section of Tianfu Avenue, High-tech Zone,Chengdu 610000,China www.whlaw.cn 北京炜衡（成都）律师事务所 关于成都市兴蓉环境股份有限公司 2026 年第一次 临时股东会的法律意见书 北京炜衡（成都）律师事务所（以下简称"本所"或"我们"）接受贵公司的委托， 指派刘复梁、景洋律师（以下简称为"本所律师"）出席了贵公司 2026 年第一次临时 股东会（以下简称为"本次股东会"）。本所律师依据《中华人民共和国公司法》（以 下简称为"《公司法》"）、《中华人民共和国证券法》（以下简称为"《证券法》"）、 ...

证券代码：000598 证券简称：兴蓉环境 公告编号：2026-05 成都市兴蓉环境股份有限公司 1、本次股东会未出现否决提案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开的情况 1、会议召开的时间 （1）现场会议时间：2026 年 1 月 27 日（星期二）下午 14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投 票的具体时间为 2026 年 1 月 27 日上午 9:15—9:25，9:30—11:30，下 午 13:00－15:00；通过互联网投票系统（http://wltp.cninfo.com.cn）投 票的具体时间为 2026 年 1 月 27 日上午 9:15 至下午 15:00 期间的任意 时间。 2、现场会议召开地点：成都市武侯区锦城大道 1000 号成都市兴 蓉环境股份有限公司。 2026 年第一次临时股东会决议公告 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。 特别提示： 通过现场和网络投票的股东及股东授权委托代表 317 人，代表股 份 1,785,484,510 ...

成都市兴蓉环境股份有限公司 证券代码：000598 证券简称：兴蓉环境 公告编号：2026-06 1 第十届董事会第三十五次会议决议公告 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2026年1月 22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 三十五次会议的通知。在保障董事充分表达意见的前提下，会议于 2026年1月27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： 一、审议通过《关于选举公司第十届董事会董事长的议案》。 同意选举杨玉清女士（简历附后）为公司第十届董事会董事长， 任期自董事会审议通过之日起至本届董事会任期届满之日止。 表决结果：9票同意、0票反对、0票弃权。 该议案在提交董事会审议前已经董事会提名委员会审议通过。 二、审议通过《关于增补公司第十届董事会专门委员会委员的议 案》。 同意杨玉清女士担任公司第十届董事会战略委员会主任委员（召 集人）、 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the growth potential in waste incineration and the opportunities for companies to expand overseas, particularly in Southeast Asia and India, where there is a projected increase in waste incineration capacity [10][15] - The report highlights the significant increase in sales of new energy sanitation vehicles and the growth of unmanned sanitation projects, indicating a shift towards automation and electrification in the industry [17][20] - The 2026 strategy focuses on the dual drivers of value and growth, emphasizing the importance of marketization and efficiency improvements in the environmental sector [24][28] Industry Trends - Waste Incineration Growth: The report estimates a potential increase of approximately 500,000 tons/day in waste incineration capacity in ASEAN countries and India, corresponding to an investment scale of about 250 billion yuan [10] - Unmanned Sanitation Equipment: In 2025, the total amount of contracts for unmanned sanitation projects exceeded 12.6 billion yuan, with a year-on-year increase of over 150% [17] - New Energy Sanitation Vehicles: Sales of new energy sanitation vehicles increased by 70.9% in 2025, with a penetration rate of 21.11%, reflecting a growing trend towards electrification in the sanitation sector [20][30] Company Recommendations - Key companies recommended for investment include Longjing Environmental, Gao Neng Environment, Sains, and others, focusing on their growth potential in both domestic and international markets [4][15] - The report suggests that companies like Weiming Environmental and Sanfeng Environment are expected to benefit significantly from overseas expansion and high-value projects [15][24] - The report also highlights the importance of dividend increases and return on equity (ROE) improvements for companies such as Huanlan Environment and Green Power [15][24] Market Dynamics - The report notes that the profitability of waste incineration projects in Indonesia is significantly higher than in China due to favorable pricing and operational conditions [12][15] - The report indicates that the market for lithium battery recycling is improving, with rising metal prices and better margins for recycling projects [38][39]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

金属价格上涨趋势下，关注金属资源化相关公司 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2026 年 1 月 25 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 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] 金属价格上涨趋势下，关注金属资源化相关公司 2026 年 1 月 25 日 本期内容提要: 化工行业： [Table_Summary] [Table_Summary] ➢ 行情回顾：截至 1 月 23 日收盘，本周环保板块上涨 4.6%，表现优于 大盘；上证综指上涨 0.8%到 4 ...

关键词：农村水利工程、水利建设投资、耕地灌溉面积、农村饮水安全、农村自来水普及率、农村水利 工程政策、农村水利工程产业链、农村水利工程发展现状、农村水利工程发展趋势 内容概要：农村水利工程是保障国家粮食安全、改善农村民生、推进乡村振兴的核心基础设施，涵盖灌 溉排水、饮水安全、防洪排涝、水生态治理等功能。近年来，国家密集出台多项重磅政策，聚焦农村供 水保障、灌区现代化改造、小水电绿色发展等方向，同时水利建设投资规模持续扩大，2020-2024年年 复合增长率达13.4%，投资结构向国家水网、防洪工程、生态修复与智慧化建设倾斜，为行业发展注入 强劲动力。目前，我国耕地灌溉面积超10.9亿亩，灌溉面积粮食产量占全国总产量的80.76%，大中型灌 区以38.89%的播种面积贡献50.90%的产量；农业节水成效显著，农田灌溉水有效利用系数提升至 0.583，节水灌溉工程面积达6.38亿亩；农村供水能力稳步提升，2025年自来水普及率达96%，规模化供 水覆盖范围持续扩大。未来，行业将朝着智慧化、生态化、建管一体化方向深度转型，通过数字化技术 赋能、生态优先理念践行、建管模式创新，构建政府、企业、社会协同参与的高质量发展 ...

Core Viewpoint - The stock of Xingrong Environment has shown a modest increase in price and trading volume, indicating investor interest, while the company continues to demonstrate growth in revenue and profit [1][2]. Group 1: Stock Performance - On January 20, Xingrong Environment's stock rose by 2.10%, reaching 7.30 CNY per share, with a trading volume of 250 million CNY and a turnover rate of 1.16%, resulting in a total market capitalization of 21.783 billion CNY [1]. - Year-to-date, the stock price has increased by 1.81%, with a 5-day increase of 2.96%, a 20-day increase of 1.11%, and a 60-day increase of 4.89% [1]. Group 2: Financial Performance - For the period from January to September 2025, Xingrong Environment reported a revenue of 6.548 billion CNY, reflecting a year-on-year growth of 5.39%, and a net profit attributable to shareholders of 1.764 billion CNY, which is an 8.49% increase compared to the previous year [2]. - The company has distributed a total of 3.472 billion CNY in dividends since its A-share listing, with 1.4 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Xingrong Environment reached 67,700, an increase of 11.62% from the previous period, while the average number of circulating shares per person decreased by 10.27% to 44,000 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 28.81 million shares, a decrease of 11.371 million shares from the previous period, while ICBC Dividend Preferred Mixed A has entered as a new shareholder with 24.091 million shares [3].