Investment Rating - The report maintains a "Positive" investment rating for the environmental protection and testing sector [9] Core Insights - As of June 28, 2025, there are 23 convertible bonds listed in the environmental protection and testing sector, with a total issuance scale of approximately 233.9 billion yuan and a latest balance of 192.0 billion yuan. The sector features several low-price and low-premium convertible bonds, suggesting potential investment opportunities driven by profitability and conversion [2][4][20] - The report recommends focusing on convertible bonds such as Wei 22, Wei 24, Green Power, Yingfeng, Hongcheng, Wangneng, and Guojian, highlighting their potential for price appreciation due to underlying stock performance [6][30] Summary by Sections Convertible Bonds Overview - The environmental protection and testing sector has 23 convertible bonds currently trading, with a total remaining scale of 192 billion yuan. Among these, 1 bond is from a central enterprise, 3 from local state-owned enterprises, and 19 from private enterprises [4][20] - There is 1 convertible bond currently in the issuance application stage, with a scale of 4.93 billion yuan from Shengjian Technology [24] Issued and Delisted Convertible Bonds - As of June 28, 2025, 21 convertible bonds have been delisted from the environmental protection and testing sector, with a total issuance scale of 152.9 billion yuan. Five bonds were delisted in 2024, with an average time to maturity of 1.08 years [5][26] Investment Strategy - The report emphasizes two main drivers for investment: profitability and conversion. Profitability can be enhanced through capacity expansion and exploring new growth avenues, which may lead to stock price increases and higher conversion values. If the premium rate of convertible bonds remains stable or decreases slightly, their prices are expected to rise [30][32] - Conversion may be driven by increased capital expenditures for new projects or weakened cash flow from existing projects, potentially leading to adjustments in conversion prices and indirectly boosting bond prices [30][32] Financial Projections - The report includes financial forecasts for several companies in the sector, indicating expected growth in net profits and corresponding price-to-earnings (PE) ratios for the years 2024 to 2027 [31]

Group 1 - The core viewpoint of the news highlights the significant growth and investment opportunities in the robotics sector, particularly driven by advancements in technology and increased market activity in related ETFs [1][2][3] Group 2 - The Robot ETF (562500) has seen a 0.12% increase, with top-performing stocks including Hanchuan Intelligent up by 5.82%, Yingfeng Environment up by 2.60%, and Jingpin Special Equipment up by 2.54% [1] - The liquidity of the Robot ETF is strong, with a trading volume exceeding 590 million yuan, making it the top performer among comparable funds [1] - Recent net inflows into the Robot ETF amount to 8.9 million yuan, with a total of 515 million yuan attracted over the past three trading days, leading among comparable funds [1] - The latest scale of the Robot ETF is 14.082 billion yuan, reflecting a significant increase of 1.167 billion yuan this week, also the highest among comparable funds [1] - The ETF's shares have reached a new historical high of 16.75 billion, with an increase of 598 million shares this week, again leading among comparable funds [1] - Google DeepMind has launched the Gemini Robotics On-Device model, which can run locally on robotic devices, enhancing their ability to adapt to new tasks without continuous internet connectivity [1] - Xiangcai Securities emphasizes the investment potential in the supply chain for humanoid robots, suggesting a focus on manufacturers of key components like precision reducers and high-performance motors, as well as automation and industrial integration companies [2] - The Robot ETF is noted as the only robot-themed ETF in the market with a scale exceeding 10 billion yuan, covering various segments including humanoid robots, industrial robots, and service robots [2]

盈峰环境科技集团股份有限公司 2025 年度跟踪评级报告 声 明 盈峰环境科技集团股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0818 号 中诚信国际信用评级有限责任公司 2025 年 6 月 23 日 2 盈峰环境科技集团股份有限公司 2025 年度跟踪评级报告 | 本次跟踪发行人及评级结果 | 盈峰环境科技集团股份有限公司 AA+ /稳定 | | --- | --- | | 本次跟踪债项及评级结果 | + "盈峰转债" AA | | 跟踪评级原因 | 根据国际惯例和主管部门要求，中诚信国际需对公司存续期内的债券进行 | | | 跟踪评级，对其风险程度进行跟踪监测。本次评级为定期跟踪评级。 | | | 本次跟踪维持主体及债项上次评级结论，主要基于盈峰环境科技集团股份有 限公司（以下简称"盈峰环境"或"公司"）所处环保产业前景良好，环保 | | 评级观点 | 板块保持行业优势地位，2024 年新能源环保装备产销量大幅增长，资本结构 | | | 稳健及融资渠道畅通等方面的优势对公司整体信用实力提供的有力支持。同 | | | 时，中诚信国际也关注到控股股东股权质押比例较高，存在经营 ...

法律意见书 浙江天册律师事务所 关于 盈峰环境科技集团股份有限公司 2024 年年度股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于 盈峰环境科技集团股份有限公司 2024 年年度股东大会的 法律意见书 编号：TCYJS2025H1011 号 致：盈峰环境科技集团股份有限公司 浙江天册律师事务所（以下简称"本所"）接受盈峰环境科技集团股份有限 公司（以下简称"盈峰环境"或"公司"）的委托，指派本所律师参加贵公司 2024 年年度股东大会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、 本法律意见书仅供 2024 年年度股东大会之目的使用。本所律师同意将本法 律意见书随盈峰环境本次股东大会其他信息披露资料一并公告，并依法对本所在 其中发表的法律意见承担法律责任。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，对盈 峰环境本次股东大会所涉及的有关事项和相关文件进行了必要的核查和验证，同 时听取了公司就有关事实的陈述和说明。现出具法律意见 ...

（一）会议召开的情况 1、召开时间： 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 特别提示： 在本次会议召开期间没有增加、否决或变更提案。 一、会议召开和出席的情况 证券代码：000967 公告编号：2025-038 号 盈峰环境科技集团股份有限公司 2024 年年度股东大会决议公告 （1）现场会议召开时间：2025 年 6 月 23 日下午 14:30。 （2）网络投票时间：2025 年 6 月 23 日。 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 6 月 23 日 9:15- 9:25，9:30—11:30 和 13:00—15:00；通过深圳证券交易所互联网投票系统投票时间为 2025 年 6 月 23 日 9:15—15:00。 2、现场会议召开地点：盈峰环境科技集团股份有限公司（以下简称"盈峰环境"、 "公司"）总部会议室,广东省佛山市顺德区北滘镇新城区怡欣路 7-8 号盈峰中心 23 层； 3、召开方式：本次股东大会采取现场投票与网络投票相结合的方式； 4、召集人：公司董事会； 5、现场会议主持人：会议由董事长马刚先生 ...

证 券 研 究 报 告 【策略专题】 AI 与康波——多行业联合人工智能 6 月报 策略研究 策略专题 2025 年 06 月 17 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：耿琛 电话：0755-82755859 邮箱：gengchen@hcyjs.com 执业编号：S0360517100004 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 证券分析师：刘欣 电话：010-63214660 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 证券分析师：欧子兴 邮箱：ouzixing@hcyjs.com 执业编号：S0360523080007 证券分析师：黄麟 邮箱：huanglin1@hcyjs.com 执业编号：S0360522080001 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@ ...

Industry Overview - The urban environmental protection industry focuses on solving urban environmental issues and improving ecological quality through technology and management measures [1][9] - The industry has seen significant growth, with the market size projected to increase from 1.01 trillion yuan in 2019 to 1.49 trillion yuan in 2024 [7][9] Industry Environment - Urban areas are densely populated and face severe environmental challenges, making urban environmental protection a priority for national development [5] - As of the end of 2023, there are 694 cities in China, with an urbanization rate of 67%, indicating ongoing urbanization and a growing demand for environmental services [5] Industry Status - The urban environmental protection industry is categorized into four segments: energy conservation and emission reduction (35.81%), pollution control (29.96%), recycling (20.91%), and natural resource protection (13.32%) [9] - Major companies in the industry include China Everbright Environment, Beijing Enterprises Water Group, and China Tianying, which are part of the leading competitive tier [11] Future Trends - Technological innovation is driving the industry towards smart environmental solutions, with advancements in IoT, AI, and big data enhancing operational efficiency [17] - Continuous policy support is expected to facilitate market reforms, with initiatives aimed at improving resource and environmental market mechanisms [18] - The international market is becoming increasingly important, with Chinese environmental companies expanding their presence in Southeast Asia and the Middle East [19]

Group 1 - The fourth China-Africa Economic and Trade Expo is currently ongoing, showcasing a variety of African products and Chinese advanced technologies, attracting significant public interest and participation [1][3][9] - Over 800 types of African products are displayed, including unique items such as Namibian chili sauce, Kenyan flowers, and South African red wine, appealing to local visitors [7][9] - The event has seen a 43.8% increase in signed projects compared to the previous edition, with 279 projects collected and an expected 175 cooperation projects worth $11.39 billion [11] Group 2 - African merchants are particularly interested in Chinese agricultural machinery and technology, which are tailored to meet the needs of African agriculture, enhancing efficiency and labor productivity [9][11] - Environmental protection technologies are also a focus, with companies like Yingfeng Environment showcasing equipment that meets the demands of the African market, leading to discussions on urban environmental improvement projects [11]

Core Insights - The report highlights that the AI wave is driving the electronic industry into a new development phase, with three core areas showing significant growth momentum: wafer foundry, SoC, and thermal management materials [2][3][6]. Wafer Foundry - The wafer foundry segment is expected to benefit from AI development, particularly in servers, data centers, and storage, which are the fastest-growing sub-markets. Global semiconductor sales are projected to exceed $1 trillion by 2030, with wafer demand expected to reach 11.2 million pieces per month in 2025 and grow to 15.1 million by 2030. The growth rates for 2024 and 2025 are forecasted at 6% and 7%, respectively [2][3]. SoC (System on Chip) - AI technology is becoming a crucial component of SoC architecture, enhancing smart processing capabilities for edge devices. The global SoC market is predicted to grow from $138.46 billion in 2024 to $205.97 billion by 2029, with a compound annual growth rate (CAGR) of 8.3% from 2024 to 2029. The demand for SoC in the automotive sector is also rising significantly [3][6]. Thermal Management Materials - The demand for thermal management materials is expected to grow rapidly due to the increased heat generation from AI-enabled devices. The global thermal management market is projected to expand from approximately $15.98 billion in 2023 to $26.43 billion by 2028, with an average annual growth rate of 10.5% [6][7]. Photovoltaic Industry - The photovoltaic industry is currently in a phase of supply-side optimization driven by self-discipline and technological innovation. The first quarter of 2025 saw a performance recovery due to installation rushes, but the industry remains in a loss phase. Key areas for supply-side optimization include silicon materials and battery cells, with a focus on reducing silver usage in production [6][7][8]. Lithium Battery Industry - The lithium battery sector is experiencing a recovery in market conditions, with solid-state batteries and sodium batteries expected to reach a scale application phase. The report suggests that the overall profitability of the lithium battery sector is improving, driven by new technologies and increasing demand from emerging applications [14][15][16]. Metal Industry - The report indicates that the supply-demand structure in the metal industry is improving, particularly for magnesium and lithium. The magnesium industry is expected to enter a state of sustained tight balance, while the lithium supply surplus is gradually improving. The global magnesium demand is projected to grow significantly due to its applications in lightweight and green technologies [18][19][23][24].

Group 1 - The Chinese government has issued opinions to deepen the reform and innovation of the Shenzhen comprehensive reform pilot, optimizing the financing mechanisms for technology-based enterprises [1] - Over 60% of actively managed equity funds have recovered their net asset values to levels seen two months ago, with a focus on technology sectors expected to benefit from market rotation [2] - Fund managers are actively adjusting their portfolios and conducting research to identify new investment opportunities, with a positive outlook on sectors like artificial intelligence and high-end manufacturing [3] Group 2 - The 2025 China Industrial Transfer Development Docking Event in Inner Mongolia has signed 20 key projects, emphasizing green and innovative development in sectors like new energy and smart computing [4] - Non-humanoid robots are gaining traction in industrial applications, with advancements in AI expected to enhance their scalability and efficiency [5] - Companies in the environmental sanitation industry are increasing investments in smart technologies, with significant contracts and production capacity expansions anticipated [6][7] Group 3 - Southbound capital has seen a net inflow of over 600 billion yuan into the Hong Kong stock market this year, with the Hang Seng Index and Hang Seng Tech Index showing significant gains [8] - The successful IPO of a leading panoramic camera company has sparked interest in the industry, with a projected market growth rate exceeding 10% annually [9] - The FPGA chip market in China is expected to grow significantly, driven by local supply chain policies and emerging industries [10] Group 4 - Private equity and venture capital funds are increasingly acquiring listed companies, with a notable case involving a fund acquiring a 25% stake in a tech company [11] - Industrial robot exports have surged by 55.4% in the first five months of the year, reflecting China's growing technological capabilities [12][13] - Public mutual funds have distributed over 95 billion yuan in dividends this year, marking a 41.04% increase compared to the previous year, with bond funds being the primary contributors [13]