关于福建龙净环保股份有限公司 向特定对象发行股票申请文件的审核问 询函有关财务会计问题的专项说明 容诚专字[2026]361Z0057号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn 容诚会计师事务所（特殊普通合伙） 关于福建龙净环保股份有限公司向特定对象 发行股票申请文件的审核问询函有关财务会计问题的专项说明 容诚专字[2026]361Z0057号 上海证券交易所： 福建龙净环保股份有限公司（以下简称"龙净环保""发行人"或"公 司"）于 2026 年 1 月 16 日收到上海证券交易所（以下简称"上交所"）出 具的《关于福建龙净环保股份有限公司向特定对象发行股票申请文件的审核问 询函》（上证上审（再融资）〔2026〕20 号）（以下简称"问询函"），容 诚会计师事务所（特殊普通合伙）（以下简称"申报会计师"或"本所"）作 为公司本次向特定对 ...

证券简称：龙净环保 证券代码：600388 （福建省龙岩市新罗区工业中路 19 号） 关于福建龙净环保股份有限公司 2025 年度向特定对象发行 A 股股票 申请文件的审核问询函的回复报告 保荐机构（主承销商） 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 上海证券交易所： 根据贵所于 2026 年 1 月 16 日出具的上证上审（再融资）〔2026〕20 号《关 于福建龙净环保股份有限公司向特定对象发行股票申请文件的审核问询函》（以 下简称"审核问询函"）的要求，福建龙净环保股份有限公司（以下简称"公司"、 "上市公司"、"龙净环保"或"发行人"）会同广发证券股份有限公司（以下 简称"广发证券"或"保荐机构"）、福建至理律师事务所（以下简称"发行人 律师"）、容诚会计师事务所（特殊普通合伙）（以下简称"申报会计师"）， 本着勤勉尽责、诚实守信的原则，就审核问询函所提问题逐项进行认真讨论、核 查与落实，现回复如下，请予以审核。 如无特别说明，本回复报告中使用的简称或名词释义与《福建龙净环保股份 有限公司 2025 年度向特定对象发行 A 股股票募集说明书（申报稿）》（以下简 称"募集说明书"） ...

Core Insights - The hydrogen industry in China is experiencing steady growth in both supply and demand, with applications expanding across various sectors. The country is the largest hydrogen producer globally, with an expected production of approximately 36.5 million tons in 2024, reflecting a year-on-year increase of 3.5% [4][17]. - The economic viability of hydrogen energy is improving due to declining green electricity costs, inclusion in the CCER (China Certified Emission Reduction) program, and technological advancements in cost reduction. The transition from technical cost reduction to large-scale cost reduction is anticipated during the "14th Five-Year Plan" period [4][8]. - The hydrogen industry chain, including production, storage, transportation, and application, is developing rapidly, warranting attention [4][9]. Supply and Demand Status - China's hydrogen production is projected to reach 36.5 million tons in 2024, with a compound annual growth rate (CAGR) of 10.7% over the past five years. The global hydrogen production is expected to be nearly 100 million tons, growing by approximately 2.7% year-on-year [17][24]. - Hydrogen is primarily used in traditional industrial applications, with emerging sectors like transportation and metallurgy showing a compound growth rate of about 7.1%, significantly higher than the overall industry growth [8][21]. Policy Framework - Hydrogen energy has been recognized as a crucial component of the new energy system, with significant emphasis from top leadership. The formal inclusion of hydrogen in the energy category by the Energy Law in November 2024 is expected to enhance the industry's development [8][30]. - The government has set a phased target for 2027, focusing on the high-quality development of energy equipment, which will guide the hydrogen sector [30][34]. Cost Reduction Pathways - Multiple factors are contributing to the cost reduction of hydrogen, including: 1. Decreasing costs of green electricity, with projected costs for photovoltaic power dropping to 0.15-0.20 yuan/kWh, allowing green hydrogen costs to fall to 10.36-13.22 yuan/kg [8][40]. 2. Inclusion of electrolysis water hydrogen in the CCER program, which can shorten the investment payback period from 9.21 years to 8.62 years [8][46]. 3. Technological advancements leading to significant cost reductions in electrolyzers and fuel cells, with average prices decreasing by 11%-24% over recent years [8][49]. 4. Increased subsidies and pilot projects across the entire industry chain, which are expected to further drive down costs [8][9]. Industry Chain Development - The hydrogen production segment is expected to see a significant increase in electrolyzer bidding, with projections of over 4.5 GW by 2025, compared to 1.5 GW and 1.2 GW in 2023 and 2024, respectively [9]. - Storage and transportation remain bottlenecks, with ongoing efforts to develop a large-scale, low-cost, and safe hydrogen transport system [9][19]. - By the end of 2025, the number of hydrogen refueling stations in China is expected to increase by approximately 2.6 times compared to 2020, with a high proportion of comprehensive energy stations [9][20]. Investment Strategy - The report highlights several investment opportunities in the hydrogen sector, including companies that empower shareholders, pure hydrogen-related companies, and those with stable main businesses that view hydrogen as a potential growth point. Notable companies include Ice Wheel Environment, Yihua Tong, and Longjing Environmental Protection [10].

证券之星消息，1月28日环保设备板块较上一交易日下跌0.6%，青达环保领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。环保设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600388 | 龙净环保 | 18.53 | 3.98% | 25.85万 | | 4.73亿 | | 688376 | 美埃科技 | 74.00 | 1.65% | 4.74万 | | 3.44亿 | | 300137 | 先河环保 | 10.86 | 1.40% | 20.35万 | | 2.18亿 | | 6058889 | 恒营环保 | 28.05 | 0.54% | 2.13万 | | 6001.45万 | | 002645 | 华宏科技 | 16.59 | -0.18% | 21.95万 | | 3.61亿 | | 000820 | *ST节能 | 3.82 | -0.26% | 12.55万 | | 4764.29万 ...

Macro Strategy - The IPCA model shows better application effects in the domestic credit bond market compared to the US market, with a Sharpe ratio consistently above 1.45 and above 2.2 from May to December 2025 [1][13] - The strategy exhibits asymmetric risk/reward characteristics, with 75% of sample dates showing positive excess credit returns, and a maximum excess return of 0.13% from January 2024 to December 2025 [1][13] - The practical operability of the strategy is strong, allowing for investment in bonds with similar risk characteristics even when specific bonds are not available in the secondary market [1][13] Fixed Income Opportunities - The "14th Five-Year Plan" emphasizes the development of key industries, including new pillar industries, future industries, traditional industry upgrades, infrastructure construction, green transformation, and consumer upgrades, which are expected to receive policy support and financing breakthroughs [2][14] - A total of 1,098 bond-issuing entities align with the "14th Five-Year Plan," with a total bond scale of approximately 10.8 trillion yuan, primarily rated AAA and concentrated in East and North China [2][14] - The participation of bond-issuing entities in the six key industries shows significant differentiation, with infrastructure and new pillar industries leading in both the number of issuers and bond scale [2][14] Industry Insights - The public utility sector is expected to benefit from deepened electricity reforms, with recommendations to focus on green electricity, thermal power, hydropower, nuclear power, and the valuation of photovoltaic and charging pile assets [7] - The food and beverage sector is anticipated to experience a spring consumption surge, particularly in snacks, dining, and seasonal beverages, with a positive outlook for Q1 2026 due to favorable market conditions [7] - Companies like KaiGe Precision Machinery and HeMai Co. are positioned to benefit from the growing demand in AI computing and energy storage, with projected profit growth in the coming years [9][10]

Summary of Longking Environmental Conference Call Company Overview - **Company**: Longking Environmental - **Industry**: Environmental Protection Equipment, focusing on air pollution control in both power and non-power sectors - **Market Position**: Leading company with stable market share, primarily in the thermal power auxiliary equipment sector, accounting for 60%-70% of orders [2][3] Key Points and Arguments Business Performance - Longking Environmental's main business is air pollution control, with stable growth expected to maintain profits above 1 billion [3] - The company has a strong order backlog, with approved projects set to be operational by 2027, ensuring revenue certainty for the coming years [2][3] Green Energy Initiatives - Following the acquisition by Zijin Mining, Longking has introduced a green electricity direct connection business, becoming the only smart green electricity player in the market [2][4] - Zijin Mining aims to increase its green energy usage to over 50%, creating significant growth opportunities for Longking, with projected profits exceeding 1 billion and a market value of over 15 billion from current projects [6][4] Mining Card Business - The mining card business is in its early stages, with Zijin Mining requiring 500 units annually. Longking anticipates shipping 100 units by 2026, which could contribute 500 million in profits if demand is met [7] Historical Development and Export Growth - Longking was established in the 1970s, initially importing GE equipment and later achieving full domestic production by 1993, becoming the top brand in the industry [8] - The company has seen stable growth in orders and is entering a high-growth phase, with rapid expansion in export business driven by increasing demand for air pollution control in high-energy-consuming industries [9] Market Confidence and Investment Recommendations - Zijin's share purchase prices indicate market confidence, with significant support levels around 12-16 yuan [10] - Longking is viewed as a stable growth company with substantial potential, suggesting that long-term investors should consider buying during market corrections for better returns [10] Green Electricity Project Viability - Tibet is identified as the most suitable region for green electricity projects due to high electricity costs and weak grid infrastructure, making solar and storage projects economically viable [11] - Zijin Mining has several profitable green electricity projects in Tibet and the Democratic Republic of Congo, with high return rates [12] Future Outlook - Zijin Mining's future prospects are optimistic, with expectations that its new energy business profits will surpass traditional business profits by 2027 or 2029 [14] - The company anticipates a minimum market value of 25 billion, potentially reaching over 50 billion as green projects come online [15]

Group 1 - The core viewpoint highlights that high payload capacity and reusability are driving down rocket launch costs, with the demand for propellants and launch-specific gases remaining rigid, leading to a long-term increase in value and market share [1] - The Falcon 9 rocket's single launch cost for propellants and specific gases is estimated at approximately $800,000, with the overall rocket cost decreasing from $50 million to $15 million due to reusability [1] - The demand for propellants and specific gases is becoming the most stable and predictable value segment in the rocket launch industry, with a recommendation for Jiufeng Energy to establish a specialized brand in aerospace propellant supply [1] Group 2 - The national winter electricity load has surpassed 1.4 billion kilowatts for the first time, reaching a peak of 1.417 billion kilowatts, with daily electricity consumption exceeding 30 billion kilowatt-hours during winter [1] - The average national grid purchase electricity price in January 2026 has decreased by 8% year-on-year, while the price of thermal coal has dropped by 9.03% week-on-week [1] - The total electricity consumption from January to November 2025 reached 9.46 trillion kilowatt-hours, representing a year-on-year increase of 5.2%, with various sectors showing different growth rates [1] Group 3 - The investment suggestions indicate that the deepening of electricity reform will lead to a significant revaluation of the power sector, with a focus on green electricity, thermal power, hydropower, nuclear power, and solar assets [2] - Recommendations include companies such as Longyuan Power, China Nuclear Power, and Yangtze Power, highlighting their potential for growth and value appreciation in the evolving energy market [2] - The emphasis is on the market-driven development of renewable energy and the revaluation of solar and charging station assets, suggesting a focus on companies like Nanfang Energy and Longxin Technology [2]

Investment Rating - The report maintains a rating of "Buy" for the utility sector [1]. Core Insights - The report highlights the increasing demand for rocket launch services driven by high payload capacity and reusability, which are key factors in reducing costs. The demand for propellant and launch gases is expected to remain rigid, with their value and market share projected to increase over the long term. The economic viability of rocket launches is becoming a crucial factor for the transition to high-density and standardized launches [4]. - The national winter electricity load has surpassed 1.4 billion kilowatts for the first time, reaching a peak of 1.417 billion kilowatts, with daily electricity consumption exceeding 30 billion kilowatt-hours during winter [4]. Industry Data Tracking - **Electricity Prices**: The average grid purchase price in January 2026 decreased by 8% year-on-year, averaging 374 RMB/MWh [38][44]. - **Coal Prices**: As of January 23, 2026, the price of thermal coal at Qinhuangdao port was 685 RMB/ton, down 0.29% year-on-year and 1.44% week-on-week [45]. - **Water Conditions**: As of January 23, 2026, the water level at the Three Gorges Reservoir was 169.85 meters, with inflow and outflow rates increasing by 15.8% and 12.8% year-on-year, respectively [52]. - **Electricity Consumption**: From January to November 2025, total electricity consumption reached 9.46 trillion kilowatt-hours, a year-on-year increase of 5.2% [13]. - **Power Generation**: Cumulative power generation from January to November 2025 was 8.86 trillion kilowatt-hours, reflecting a year-on-year growth of 2.4% [23]. - **Installed Capacity**: As of November 30, 2025, the cumulative installed capacity of thermal power reached 1.52 billion kilowatts, with a year-on-year increase of 5.9% [46]. Investment Recommendations - **Green Energy**: The report suggests focusing on companies like Longyuan Power, Zhongmin Energy, and Three Gorges Energy, with a strong recommendation for Longjing Environmental Protection due to the easing of constraints on consumption, pricing, and subsidies for renewable energy [4]. - **Thermal Power**: Companies such as Huaneng International and Huadian International are recommended for their reliability and flexibility in transitioning [4]. - **Hydropower**: Longjiang Power is highlighted for its low-cost benefits and strong cash flow capabilities [4]. - **Nuclear Power**: China Nuclear Power and China General Nuclear Power are recommended due to their growth potential and expected increases in profitability and dividends [4]. - **Solar Assets and Charging Stations**: Companies like Southern Power Grid Energy and Longxin Technology are suggested for their potential value reassessment in the market [4].

上市公司：格林美（002340），惠城环保（300779），神雾节能（000820），法尔胜（000890），盈峰 环境（000967），楚环科技（001336）龙净环保（600388），菲达环保（600526），宇通重工 （600817），景津装备（603279） 2019年-2025年全国废弃资源综合利用业出口货值统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国废弃资源综合利用行业市场研究分析及投资机会研判报 告》 根据国家统计局数据可知：2025年12月全国废弃资源综合利用业出口货值为12.7亿元，同比增长 171.6%；2025年全国废弃资源综合利用业累计出口货值为88.8亿元，累计同比增长74.2%。 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2026 01 27 年 月 日 朝闻国盛 ◼ 研究视点 【环保】政策驱动治理升级，环境监测潜能释放——20260126 【海外】京东集团-SW（09618.HK）-关注国补效果、外卖 UE 改善—— 20260126 春节错位效应开始影响高频数据同比——基本面高频数据跟踪 今日概览 ◼ 重磅研报 【电子】香农芯创（300475.SZ）-海普存储放量，企业级存储龙头扬帆 起航——20260126 【固定收益】春节错位效应开始影响高频数据同比——基本面高频数据 跟踪——20260126 【非银金融】行业周报|公募业绩基准正式稿落地，短期资金面扰动不改 长期向好趋势——20260126 【煤炭】力量发展（01277.HK）-立足蒙宁，掘金海外，"三高"赋能， 可有大为——20260126 执业证书编号：S0680519010002 邮箱：songjiaji@gszq.com | 行业表现前五名 | | | | | --- | --- | --- | --- | | 行业 | 1 月 | 3 月 | 1 年 | | 有色金属 | 24.5% | 37.5% | ...