证券代码：000598 证券简称：兴蓉环境 公告编号：2026- 03 成都市兴蓉环境股份有限公司 关于延期召开 2026 年第一次临时股东会暨 股东会补充通知的公告 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。 重要内容提示： 1、原股东会召开日期：2026 年 1 月 21 日 2、延期后的股东会召开日期：2026 年 1 月 27 日 3、股权登记日：2026 年 1 月 15 日 一、关于公司 2026 年第一次临时股东会延期召开的说明 公司于 2025 年 12 月 31 日召开第十届董事会第三十三次会议， 决定于 2026 年 1 月 21 日召开 2026 年第一次临时股东会。具体内 容详见公司于 2026 年 1 月 5 日在《中国证券报》《证券时报》和巨 潮资讯网（www.cninfo.com.cn）上刊登的《关于召开 2026 年第一 次临时股东会的通知》（公告编号：2025-70）。 公司于 2026 年 1 月 15 日召开第十届董事会第三十四次会议， 审议通过了《关于延期召开 2026 年第一次临时股东会的议案》，为 统筹会议安排， ...

证券代码：000598 证券简称：兴蓉环境 公告编号：2026-02 1 特此公告。 成都市兴蓉环境股份有限公司（以下简称：公司）于2026年1月 14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 三十四次会议的通知。按照《公司章程》和《董事会议事规则》相关 规定，在保障董事充分表达意见的前提下，会议于2026年1月15日以 通讯表决方式召开。本次会议应出席的董事8名，实际出席会议的董 事8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： 审议通过《关于延期召开2026年第一次临时股东会的议案》。 为统筹会议安排，同意将原定于2026年1月21日召开的2026年第 一次临时股东会延期至2026年1月27日召开，现场会议将于2026年1 月27日下午14:30召开，股权登记日（2026年1月15日）不变。 具体情况详见公司同日在《中国证券报》《证券时报》和巨潮资 讯网（www.cninfo.com.cn）披露的《关于延期召开2026年第一次临时 股东会暨股东会补充通知的公告》（公告编号：2026-03）。 表决结果：8票同意、0票反对 ...

Core Insights - The construction of urban water networks is a comprehensive infrastructure project aimed at enhancing urban water security resilience through multi-system coordination and smart control [1][2] - The industry is entering a new phase of systematic advancement, driven by top-level policies and continuous growth in water conservancy investment, with significant investments in major national water network projects expected to reach 42.5% in 2024 [1][8] - The market for smart water management is rapidly expanding, projected to exceed 30 billion yuan by 2025, driving digital transformation in water network operations [1][11] Industry Overview - Urban water network construction integrates various systems, including water source management, supply, drainage, flood control, and ecological protection, to address challenges such as water scarcity and pollution [2][3] - The industry is characterized by a closed-loop collaborative structure, comprising upstream supply, midstream engineering integration, and downstream operational services [5][6] Development Background - The urban water network is a critical infrastructure for urban operation, supported by a series of national policies aimed at promoting high-quality development and systematic advancement in water network construction [6][8] - Investment in water conservancy construction has shown steady growth, with total investment rising from 818.2 billion yuan in 2020 to 1,352.9 billion yuan in 2024, reflecting a compound annual growth rate of 13.4% [8][10] Investment Structure - In 2024, the investment in flood control engineering is expected to reach 522.3 billion yuan, accounting for 38.6%, while major national water network projects will attract 574.7 billion yuan, representing 42.5% of total investment [8][10] - The investment structure indicates a shift from a focus on engineering to a more integrated approach that includes ecological and smart solutions [8][10] Water Resource Management - In 2024, the total water usage in China is projected to be 5,928 billion cubic meters, with agricultural water accounting for 61.6%, indicating significant potential for efficiency improvements [10][11] - The supply structure shows that surface water remains the primary source, while unconventional water sources utilization has reached 25.16 billion cubic meters, reflecting diversification in water resource management [10][11] Future Trends - The urban water network construction will evolve towards system collaboration, digital empowerment, and ecological resilience, aiming for a modern development framework that is intelligent, efficient, and sustainable [12][13] - Digital twin technology will play a crucial role in integrating physical and digital water networks, enhancing management capabilities through proactive monitoring and predictive analytics [14][15] - Ecological design will be integrated throughout the construction process, promoting green technologies and enhancing the resilience of water systems against extreme climate events [15]

Core Viewpoint - The report emphasizes the critical role of Sustainable Aviation Fuel (SAF) in aviation decarbonization, highlighting the scarcity and price increase of waste oil resources during the SAF production expansion cycle [1][3]. Investment Recommendations - Key recommendations include companies such as Huanlan Environment (600323), Longjing Environmental Protection (600388), and others in the environmental sector [2]. - Companies to watch include Dayu Water-saving (300021) and Lian Tai Environmental Protection (603797) [2]. Industry Insights - SAF is identified as the only feasible solution for aviation decarbonization, with a focus on the HEFA route using waste oil (UCO) as raw material. The EU mandates increasing SAF blending ratios from 2% in 2025 to 70% by 2050, with projected SAF demand reaching 3,662 million tons by 2050 [3]. - By the end of 2025, domestic SAF production capacity is expected to reach 1.2 million tons per year, with total planned capacity of 4.4 million tons per year [3]. - The price of SAF is projected to rise significantly due to supply constraints, with a potential increase of over 50% from the beginning of the year [3]. Policy Tracking - The government is set to invest over 1 billion yuan in the Yangtze River protection projects from 2025 to 2027, with a focus on sewage pipeline construction and ecological restoration [4]. - Investment suggestions include companies involved in water treatment and sewage management, such as Bihui Source and Energy Conservation Guozhen (300388) [4]. Strategic Outlook for 2026 - The strategy focuses on value and growth, emphasizing the importance of marketization and efficiency improvements in the solid waste sector, with potential dividend increases [5]. - The report highlights the significance of the dual carbon drive, with recommendations for companies involved in renewable resources and waste oil production [6]. Industry Tracking - In the sanitation equipment sector, sales of new energy sanitation vehicles increased by 64.01% year-on-year, with a penetration rate of 18.60% [7]. - The price of biodiesel has decreased, leading to a decline in profit margins, while lithium battery recycling shows improved profitability due to rising lithium prices [7].

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

Market Performance - The environmental governance sector increased by 0.36% compared to the previous trading day, with Tongyuan Environment leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Top Gainers in Environmental Governance Sector - Tongyuan Environment (688679) closed at 33.24, up 20.00% with a trading volume of 44,500 shares and a transaction value of 146 million [1] - Fuke Technology (688335) closed at 35.31, up 16.23% with a trading volume of 97,400 shares and a transaction value of 332 million [1] - Shangaohuan Energy (000803) closed at 9.01, up 10.01% with a trading volume of 352,800 shares and a transaction value of 316 million [1] - Other notable gainers include Zhongfu Technology (300692) at 9.42, up 9.41%, and Qingshuiyuan (300437) at 18.60, up 9.03% [1] Decliners in Environmental Governance Sector - Wuhan Tianyuan (301127) closed at 17.24, down 10.53% with a trading volume of 588,200 shares and a transaction value of 1.016 billion [2] - Donghu Gaoxin (600133) closed at 10.17, down 4.60% with a trading volume of 1,049,100 shares and a transaction value of 1.085 billion [2] - Other notable decliners include *ST Kaise (300899) at 34.43, down 3.93%, and Huicheng Environmental (300779) at 121.82, down 3.78% [2] Capital Flow Analysis - The environmental governance sector experienced a net outflow of 808 million from institutional investors, while retail investors saw a net inflow of 555 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Shangaohuan Energy (000803) had a net inflow of 59.82 million from institutional investors, but a net outflow of 36.95 million from retail investors [3] - Qingshuiyuan (300437) saw a net inflow of 29.35 million from institutional investors, while retail investors had a net outflow of 32.39 million [3] - Tongyuan Environment (688679) experienced a net inflow of 18.71 million from institutional investors, with retail investors also showing a net outflow [3]

Investment Rating - The investment rating for the industry is "Positive" [2] Core Insights - The report highlights that the "14th Five-Year Plan" emphasizes more on environmental quality and industrial green low-carbon development [3] - The solar thermal power generation sector is expected to enter a phase of scale development, with a target of reaching a total installed capacity of approximately 15 million kilowatts by 2030, aiming for cost parity with coal power [19][28] - The report indicates that the cost of solar thermal power generation has significantly decreased, with the unit construction cost dropping from approximately 300,000 yuan per kilowatt ten years ago to around 150,000 yuan, and the cost per kilowatt-hour now at about 0.6 yuan [23][28] Summary by Sections Market Performance - As of January 9, the environmental sector rose by 3.9%, outperforming the broader market, which increased by 3.8% [11] - The water management sector increased by 2.07%, while the waste management sector saw an 8.18% rise [14] Industry Dynamics - The report discusses the "Solid Waste Comprehensive Management Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of annual comprehensive utilization of major solid waste [29] - The report also mentions the joint issuance of a notice by nine departments promoting green consumption during the "14th Five-Year Plan" period, encouraging the procurement of energy-saving and environmentally friendly products [30] Special Topic: Solar Thermal Power Generation - The report details the solar thermal power generation technology, which includes tower, trough, and Fresnel types, and emphasizes its dual function as a peak-shaving power source and long-term energy storage [19][23] - The report outlines the policy developments supporting solar thermal power, including the establishment of a pricing mechanism to promote its economic viability [27][28] - The report notes that leading companies in the sector, such as Xizi Clean Energy, are well-positioned to benefit from the expansion of solar thermal power generation [28]

Group 1 - The company Xingsheng Environment announced that on January 9, 2026, it will accept research from Zhongou Fund and GF Securities, with participation from the company's director and board secretary Hu Han to address investor inquiries [1] Group 2 - More than 20 provinces have revealed their mechanism electricity prices, with Shanghai's prices being 84% higher than Shandong's and Zhejiang's prices being 31% higher than Liaoning's [1] - Experts suggest that there is still room for reduction in corporate electricity costs [1]

Group 1: Business Development Strategy - The company focuses on water and environmental protection, emphasizing both "internal growth and external mergers" to enhance its development strategy [2] - Plans to expand water resource management in Chengdu and surrounding areas, while exploring markets outside the province [2] - Aims to develop "light asset" businesses, including entrusted operations and technical consulting [2] Group 2: Project Scale and Progress - Current operational and in-construction water supply projects have a capacity of approximately 4.3 million tons/day, with wastewater treatment projects exceeding 4.8 million tons/day, and waste incineration power generation projects at 12,000 tons/day [3] - Major projects include the completion of the main construction and equipment installation for the Chengdu Fifth Water Plant (Phase II) and ongoing commissioning for other facilities [3] Group 3: Pricing Mechanism - Water supply prices are adjusted based on national policies and agreements, requiring approval from government price authorities [4] - Wastewater treatment service fees are subject to periodic adjustments as per agreements, typically occurring annually [5] Group 4: Accounts Receivable and Dividend Considerations - The company has seen an increase in accounts receivable due to market expansion, with stable overall collection rates reported for the first three quarters of 2025 [5] - As construction projects are completed, the company anticipates improved cash flow and plans to enhance dividend levels to strengthen investor satisfaction [5]