证券研究报告 | 行业周报 | 公用事业 公用事业 报告日期：2025 年 03 月 16 日 绿电直供凸显环境属性，清洁能源迎来专项资金 ——环保与公用事业行业周报 投资要点 ❑ 行情回顾 本周，公用事业板块指数上涨 2.19%，涨跌幅在 31 个申万一级行业中排名第 11，跑赢沪深 300 指数 0.61%；本周，环保板块指数上涨 2.53%，涨跌幅在 32 个 申万一级行业中排名第 9，跑赢沪深 300 指数 0.94%。截至 2025 年 3 月 7 日，公 用事业（申万）PE（TTM）为 16.87 倍，PB（LF）为 1.48 倍；环保（申万）PE （TTM）为 21.60 倍，PB（LF）为 1.48 倍。 ❑ 行业重要动态 ❑ 核心观点与投资建议 ❑ 公用事业行业，本周重点关注个股组合：佛燃能源+东方电子+中国核电。 A.绿电运营板块。去年以来政策推动典型高耗能行业参与绿证绿电交易，绿电环 境价值有望进一步兑现；此外新能源全面入市有望带动电价下行，叠加电网发债 持续推进下绿电企业国补欠补问题有望改善。考虑到当前绿电估值已处价值洼地， 尤其是港股绿电普遍处于破净状态，后续可进一步关注新能源大基地 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report emphasizes the importance of traditional environmental protection sectors with stable operational capabilities, which are expected to see a revaluation due to their profitability certainty. Additionally, new industries are emerging, creating new environmental governance demands, such as semiconductor waste gas treatment, leading to the rise of growth-oriented companies [27][28] - The report highlights the approval of a debt replacement policy by the National People's Congress, which is expected to alleviate accounts receivable pressure in the environmental sector [28] - Recommended companies include Hongcheng Environment, Hanlan Environment, and Weiming Environmental, with a suggestion to pay attention to Yongxing Co., Ltd. [28] Summary by Sections Important Data Tracking - From February 24 to February 28, the national carbon market saw a trading volume of 426,200 tons, an increase of 70.99% compared to the previous period. The closing price for carbon emission allowances was 89.56 yuan/ton, down 0.21% day-on-day and 0.38% compared to the previous period [3][7] - In the EU, the carbon emission allowance futures trading volume totaled 157 million tons, a decrease of 22.53% compared to the previous period, with an average settlement price of 70.77 euros/ton, down 2.96% [5] Industry News - Hubei Province issued the "2025 Provincial Ecological Environment Protection Work Points," aiming to achieve high water quality in major rivers and lakes, with a target of 91.7% for good water quality in surface water monitoring sections. The document also emphasizes the need to meet national air quality standards and ensure the safety of nuclear and radiation environments [23][24] Investment Suggestions - The report suggests focusing on companies with strong operational capabilities and cash flow pressures that may ease due to debt relief policies. It also recommends selecting companies in emerging environmental sectors that are expected to benefit from high growth potential [28] - The A-share environmental sector's PE (TTM) valuation is reported at 18 times, indicating a moderate valuation level [18]

Investment Rating - The report suggests a focus on power generation assets in regions with tight supply-demand dynamics and favorable competition, particularly recommending companies like Anhui Energy and Zhejiang Energy in the thermal power sector, and China National Nuclear Power in the nuclear power sector [2]. Core Insights - The report highlights that new data centers are expected to drive an annual increase in electricity demand of 102 billion kilowatt-hours, with a total of 99.1 billion kilowatt-hours in green electricity consumption anticipated from both existing and new data centers [3][27]. - The establishment of the Inner Mongolia power market is noted as a significant step in China's electricity market reform, marking the fifth market to transition to formal operation [3]. - The report emphasizes the importance of matching renewable energy sources with data center operations to meet energy consumption and carbon neutrality goals, suggesting that companies involved in renewable energy and waste-to-energy projects will benefit [3][45]. Summary by Sections Market Review - The Shanghai Composite Index fell by 1.72%, while the ChiNext Index dropped by 4.87% during the week [1][7]. - The carbon neutrality sector decreased by 1.52%, and the environmental protection sector fell by 0.54% [1][7]. Industry Data Tracking - The report tracks coal prices, natural gas prices, and carbon market trends, providing insights into the current market conditions affecting the energy sector [4][47][62]. Industry News - The report notes significant developments in the energy sector, including the launch of major renewable energy projects by Huaneng Northern Company, which includes a total capacity of 7.2 million kilowatts [3]. - The report also discusses the performance of various sub-sectors within public utilities and environmental protection, highlighting the fluctuations in stock prices of leading companies [10][12]. Investment Recommendations - The report recommends focusing on renewable energy operators expanding their data center operations, as well as companies involved in virtual power plant services and distributed energy projects [3][45]. - It suggests that waste-to-energy operators located near load centers will have greater collaboration opportunities with smaller data centers [3][46].

证券研究报告 | 行业周报 gszqdatemark 2025 03 03 年 月 日 环保 银行保险迎绿色金融，低碳发展迎新节点 方案引导银行业大力发展绿色金融，意见强调农村生活污水利用六大要 点。1. 2 月 27 日，国家金融监督管理总局办公厅、中国人民银行办公厅 联合发布关于印发《银行业保险业绿色金融高质量发展实施方案》的通知。 通知指出，银行业保险业要在推进中国绿色金融高质量发展，推动经济社 会绿色发展全面转型关键期做出应用贡献，具体内容包括：改组自身资产 组合以适应碳中和发展，加强对重点领域行业金融支持，完善绿色金融服 务体系等。该《方案》有利于提升绿色金融服务质效，促进经济社会发展 全面绿色转型。2. 2 月 19 日，山东省印发关于进一步推进农村生活污水 资源化利用的指导意见（征求意见稿）》，该《意见》旨在推动当地生活 污水资源化利用落实，在治理过程中尊重农民意见，同时建立合格有效， 迅速反应的评估和反馈机制。为助力美丽乡村建设，推进乡村全面振兴作 出了重要的指导。 当周碳交易行情：本周（2.24-2.28）全国碳市场综合价格行情为：最高价 91.87 元/吨，最低价 89.37 元/吨，收盘 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥3,044,603,403.77, an increase of 6.54% compared to the same period last year[3] - Net profit attributable to shareholders was ¥222,793,829.28, a decrease of 3.20% year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥221,966,068.88, reflecting a year-on-year increase of 2.65%[3] - Total operating revenue for Q3 2024 reached CNY 9,277,585,611.23, an increase of 3.2% compared to CNY 8,990,408,164.22 in the same period last year[12] - Net profit attributable to the parent company was CNY 1,063,671,093.25, compared to CNY 755,441,626.28 in the same quarter last year, representing a growth of 40.7%[12] - The total profit before tax for Q3 2024 is CNY 686.55 million, slightly up from CNY 685.44 million in Q3 2023, an increase of 0.16%[13] - The total operating profit for Q3 2024 is CNY 718.86 million, compared to CNY 680.75 million in Q3 2023, indicating an increase of 5.4%[13] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥96,381,985.46, a decline of 129.86% compared to the previous year[6] - Cash flow from operating activities for Q3 2024 is CNY 9.66 billion, a decrease from CNY 9.72 billion in Q3 2023, reflecting a decline of 0.63%[15] - The net cash flow from investing activities for Q3 2024 is -CNY 585.61 million, an improvement from -CNY 1.01 billion in Q3 2023[16] - The net cash flow from financing activities for Q3 2024 is -CNY 259.61 million, compared to -CNY 310.72 million in Q3 2023, showing a reduction in outflow[16] - Cash and cash equivalents decreased to CNY 3,290,774,985.67 from CNY 4,411,376,583.78, representing a decline of about 25.4%[9] - The cash and cash equivalents at the end of Q3 2024 amount to CNY 2.97 billion, down from CNY 3.58 billion at the end of Q3 2023, a decrease of 16.9%[16] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥29,033,117,198.87, a slight decrease of 0.05% from the end of the previous year[3] - The total assets of the company as of the end of Q3 2024 were CNY 29,033,117,198.87, slightly down from CNY 29,048,201,560.36 at the end of the previous quarter[11] - The total liabilities decreased to CNY 10,955,664,222.71 from CNY 11,150,154,103.27, indicating a reduction of 1.7%[11] - The equity attributable to shareholders of the parent company increased to CNY 17,621,963,395.50 from CNY 17,437,509,156.73, marking a rise of 1.1%[11] - The company reported a total of CNY 1,000,000,000.00 in trading financial assets, indicating a new asset category introduced this quarter[9] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 34,890[7] - The company has initiated a second employee stock ownership plan, which holds 64,789,616 shares, representing 2.05% of the total shares[8] Operational Efficiency and Costs - Total operating costs amounted to CNY 8,413,914,517.98, up from CNY 8,234,966,537.94, reflecting a year-over-year increase of 2.2%[12] - Research and development expenses for the quarter were CNY 223,810,550.39, a decrease of 9.9% from CNY 248,449,682.59 in the previous year[12] - The company reported a significant increase in non-operating expenses, which rose by 325.90% to ¥44,268,629.00 due to asset write-offs and compensation payments[6] Strategic Initiatives - The company is focusing on expanding its market presence and enhancing its product offerings through new technology developments[8] - The company is exploring potential mergers and acquisitions to strengthen its market position and drive future growth[8] - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and drive future growth[12]

Financial Performance - The company's operating revenue for the reporting period was ¥6,232,982,207.46, representing a 1.64% increase compared to ¥6,132,630,603.87 in the same period last year[11]. - The net profit attributable to shareholders of the listed company was ¥380,852,580.05, up 2.05% from ¥373,185,007.21 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was ¥382,156,625.02, reflecting a significant increase of 16.59% compared to ¥327,780,474.32 in the previous year[11]. - The net cash flow from operating activities was negative at ¥-182,977,435.32, a decrease of 267.52% from ¥109,228,033.85 in the same period last year[11]. - Total assets at the end of the reporting period were ¥28,898,337,407.56, down 0.52% from ¥29,048,201,560.36 at the end of the previous year[11]. - The net assets attributable to shareholders of the listed company were ¥17,399,169,566.22, a slight decrease of 0.22% from ¥17,437,509,156.73 at the end of the previous year[11]. - The basic earnings per share remained unchanged at ¥0.12, with diluted earnings per share also at ¥0.12[11]. - The weighted average return on net assets was 2.17%, slightly up from 2.14% in the previous year[11]. Cash Flow and Investments - The company reported a net increase in cash and cash equivalents of ¥219,483,748.74, a 126.80% improvement from -¥819,048,371.88 in the previous year[32]. - Cash and cash equivalents at the end of the reporting period amounted to ¥4,317,409,092.00, representing 14.94% of total assets, a decrease of 0.25% from the previous year[36]. - The company reported a significant increase in investment amounting to ¥73,059,000.00 during the reporting period, a staggering increase of 3,287.95% compared to the same period last year[42]. - The total amount of raised funds is CNY 1,476.1896 million, with a net amount of CNY 1,457.3362 million after deducting fees[45]. - As of June 30, 2024, the cumulative amount of raised funds used is CNY 397.4513 million, while the total amount of unused raised funds is CNY 1,068.4943 million[45]. Market Position and Industry Leadership - The company ranked second in the industry with a newly added annual contract value of CNY 798 million in urban services, and third in total new contract value of CNY 2.12 billion[17]. - The company maintained its position as the industry leader in environmental equipment sales for 23 consecutive years, selling 5,617 sanitation vehicles in the first half of 2024[18]. - The market share for the company's new energy electric vehicles reached 26.5% in the first half of 2024, continuing to lead the industry[19]. - The company operates 270 projects with an annual contract value of CNY 7.04 billion, ranking second in the industry[18]. - The company has established overseas subsidiaries in Italy and Thailand, enhancing its global competitive strength and service system[21]. Technological Innovation and Development - The company focuses on technological innovation, having developed over 400 models of environmental cleaning equipment and smart devices[17]. - The company invested CNY 200 million in developing a leading smart city service platform, which serves over 80,000 products and has over 40,000 daily active users[17]. - The company launched the industry-first "Smart Sanitation Operation Cabin," enhancing operational efficiency and safety while reducing costs[19]. - The company has developed over ten models of intelligent cleaning robots, integrating advanced technologies such as 5G and AIOT for enhanced operational efficiency[24]. - The company has developed a leading big data cloud platform for the sanitation industry, providing intelligent services to over 80,000 products nationwide[22]. Environmental Compliance and Sustainability - The company complies with multiple environmental protection laws and continuously optimizes pollutant discharge management systems[64]. - The total discharge of benzene is 0.05604 tons, with no exceedance of discharge standards[65]. - The company is focused on maintaining compliance with pollution control standards while optimizing operational efficiency[66]. - Future projections indicate a commitment to reducing emissions further and enhancing environmental performance[66]. - The company reported an environmental protection investment of approximately 21 million yuan in the first half of 2024[70]. Shareholder and Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares for this period[2]. - The annual shareholders' meeting had a participation rate of 61.81% on May 20, 2024[57]. - The company emphasizes cash dividends to shareholders, ensuring a stable profit distribution policy when cash flow allows[73]. - The actual controller and shareholders have fulfilled their commitments regarding avoiding competition and reducing related party transactions, with no violations reported[79]. - The company has no significant litigation or arbitration matters during the reporting period, ensuring a stable legal environment[81]. Financial Health and Ratios - The company's current ratio improved to 1.88, up 7.43% from the previous year[118]. - The total liabilities to assets ratio slightly decreased to 38.24%, down 0.15% from the previous year[118]. - The company maintained a loan repayment rate of 100.00%[118]. - The interest coverage ratio decreased to 5.98, down 4.32% from the previous year[118]. - The company has a credit rating of AA+ with a stable outlook for the next 12-18 months[117]. Accounting Policies and Financial Reporting - The company’s financial statements comply with the requirements of the enterprise accounting standards, reflecting its financial status and operating results accurately[153]. - The company applies the purchase method for business combinations, recognizing goodwill when the purchase cost exceeds the fair value of identifiable net assets acquired[158]. - The company recognizes expected credit losses as impairment losses or gains in the current period's profit or loss[170]. - The company uses a weighted average method for inventory valuation and applies a perpetual inventory system[179]. - The company recognizes its share of assets and liabilities in joint operations based on its ownership interest[160].

盈峰环境科技集团股份有限公司 2023年度第十届独立董事述职报告 2023年度，本人作为盈峰环境科技集团股份有限公司（以下简称"公司"） 的第十届独立董事，按照《公司法》、《上市公司独立董事管理办法》及《公 司章程》等相关规定，勤勉尽责、恪尽职守，充分发挥了独立董事的作用，注 重维护公司整体利益，特别是中小股东的合法权益。现将2023年度第十届独立 董事履行职责情况述职如下： 一、出席董事会及股东大会的情况 2023年1月12日，公司2023年第一次临时股东大会选举出公司第十届独立董 事，任期三年。 2023年1月1日至2023年12月31日(以下称为"报告期")，公司共召开了2次 股东大会，4次董事会会议，公司董事会共审议了37项议案，本着勤勉务实和诚 信负责的原则，本人作为独立董事审议了所有议案，并以谨慎的态度行使了表 决权。本人对上述议案及公司其它事项没有提出异议。 | | | | 独立董事出席董事会情况 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 独立董 事姓名 | 本 报 告 期 应 参 加 董 事 | ...

Financial Performance - The total revenue for 2023 was RMB 12,631,050,967.34, representing a 3.06% increase from RMB 12,255,992,938.42 in 2022[34] - The net profit attributable to shareholders was RMB 498,383,730.00, a 19.00% increase compared to RMB 418,794,179.13 in the previous year[34] - The net profit after deducting non-recurring gains and losses was RMB 444,753,430.22, reflecting a significant increase of 36.95% from RMB 324,753,411.18 in 2022[34] - The basic earnings per share for 2023 was RMB 0.16, up 23.08% from RMB 0.13 in the previous year[34] - The diluted earnings per share also stood at RMB 0.16, reflecting the same percentage increase of 23.08%[34] - The weighted average return on equity was 2.88%, an increase from 2.41% in 2022[34] - The total government subsidies recognized in the current period amounted to approximately ¥52.97 million, a decrease from ¥80.27 million in the previous year[61] - The company’s total non-operating income and expenses amounted to approximately ¥53.63 million, down from ¥94.04 million in the previous year[61] - The company achieved a revenue of 56.30 billion yuan in urban services for 2023, representing a year-on-year growth of 35.38%[104] - The company’s urban service revenue reached CNY 5.630 billion, representing a year-on-year growth of 35.38%[82] Assets and Liabilities - The total assets at the end of 2023 were RMB 29,048,201,560.36, a decrease of 0.76% from RMB 29,271,291,859.98 at the end of 2022[34] - The net assets attributable to shareholders increased by 0.86% to RMB 17,437,509,156.73 from RMB 17,288,602,018.09 in 2022[34] - The company’s total assets reached 29.05 billion yuan, with net assets attributable to shareholders amounting to 17.44 billion yuan by the end of the reporting period[126] - The company’s domestic revenue was approximately 12.58 billion yuan, with a year-on-year growth of 22.82%[132] Cash Flow - The net cash flow from operating activities decreased by 16.66% to RMB 1,385,556,509.49 from RMB 1,662,482,287.71 in the previous year[34] - Cash inflows from operating activities totaled approximately 14.27 billion RMB, a slight increase of 0.07% compared to the previous year, while cash outflows increased by 2.28% to approximately 12.88 billion RMB[180] - The net cash flow from operating activities decreased by 16.66% to approximately 1.39 billion RMB compared to the previous year[180] - Investment cash inflows significantly dropped by 69.58% to approximately 1.69 billion RMB, while cash outflows from investment activities decreased by 58.68% to approximately 2.77 billion RMB[180] - The company's financing cash inflows decreased by 37.59%, with net cash flow from financing activities declining by 1,382.27 million RMB due to debt structure optimization[182] Research and Development - The company has accumulated 197 utility model patents and 61 design patents, showcasing its strong R&D capabilities and industry leadership[70] - The company applied for a total of 353 patents during the reporting period, including 95 invention patents, with a total of 1,155 patents held[94] - Research and development investment for the reporting period amounted to 353 million RMB, focusing on product technology improvement and innovation[94] - The proportion of R&D personnel decreased from 8.23% in 2022 to 5.99% in 2023, a change of -2.24%[149] - R&D investment as a percentage of operating revenue decreased from 2.97% in 2022 to 2.79% in 2023, a change of -0.18%[149] Environmental Initiatives - The company achieved a greenhouse gas reduction of approximately 0.78-1.32 kg per kWh from its waste incineration power generation project, with a reduction of about 0.36 tons of CO2e per ton of waste[139] - The company has focused on enhancing its environmental protection measures and compliance with regulations[163] - The company strictly adheres to national environmental protection laws and continuously optimizes its pollutant discharge management systems[153] - The total discharge of COD from a wastewater treatment plant was 388.37 tons, well within the approved limit of 1,606 tons per year[155] - The company has implemented strict operational procedures for environmental facilities to ensure normal operation[163] Market Position and Strategy - The company maintained its position as the industry leader in environmental equipment sales, with a market share of 32.4% for pure electric sanitation vehicles, selling 1,974 units in 2023[79] - The company is focused on expanding its market presence through innovative technologies and strategic partnerships in the environmental services sector[64] - The company is actively pursuing opportunities for mergers and acquisitions to expand its service capabilities and market reach[197] - The company aims to lead the digital transformation in the sanitation industry through continuous innovation in intelligent equipment and smart services[92] - The company has developed a comprehensive sanitation equipment product line with over 400 models, covering various cleaning and waste management solutions[92] Government and Policy Impact - The company anticipates favorable national policies for the sanitation industry in 2023, including increased support for rural environmental improvements and electric vehicle adoption in public services[199] - The government plans to enhance urban sanitation and rural living environment through various initiatives, which will benefit the company's service offerings[199] - The company is committed to enhancing its electric vehicle fleet in response to government incentives for public sector electrification[199] - The establishment of new subsidiaries is expected to strengthen the company's market presence and operational capacity in the environmental services sector[197] Operational Efficiency - The company has developed a "smart city management" model that integrates IoT and mobile internet technologies for real-time management of sanitation operations, enhancing efficiency and reducing costs[66] - The company’s 5G intelligent cleaning robots are capable of autonomous navigation and obstacle avoidance, significantly improving cleaning efficiency in complex outdoor environments[66] - The company has developed a smart cleaning robot cluster that has been operational in cities like Shenzhen, Changsha, and Suzhou, setting a new benchmark in urban services[100] - The company has established a strong marketing network and manufacturing capabilities, positioning itself as a leader in environmental equipment production[92] Dividend Policy - The company plans to distribute a cash dividend of CNY 1.25 per 10 shares, totaling approximately CNY 396 million, which accounts for 79.43% of the net profit attributable to shareholders in 2023[82] - The company has implemented a high cash dividend policy, returning value to shareholders while actively fulfilling social responsibilities through various charitable activities[129] - The company has implemented a total cash dividend of 1.056 billion yuan over the past three years, accounting for 41.45%, 83.18%, and 79.43% of the net profit attributable to shareholders in those years[110]

盈峰环境科技集团股份有限公司 2023年度第十届独立董事述职报告 2023年度，本人作为盈峰环境科技集团股份有限公司（以下简称"公司"） 的第十届独立董事，按照《公司法》、《上市公司独立董事管理办法》及《公司 章程》等相关规定，勤勉尽责、恪尽职守，充分发挥了独立董事的作用，注重维 护公司整体利益，特别是中小股东的合法权益。现将2023年度第十届独立董事履 行职责情况述职如下： 一、出席董事会及股东大会的情况 2023年1月12日，公司2023年第一次临时股东大会选举出公司第十届独立董 事，任期三年。 2023年1月1日至2023年12月31日(以下称为"报告期")，公司共召开了2次 股东大会，4次董事会会议，公司董事会共审议了37项议案，本着勤勉务实和诚 信负责的原则，本人作为独立董事审议了所有议案，并以谨慎的态度行使了表 决权。本人对上述议案及公司其它事项没有提出异议。 | | | | 独立董事出席董事会情况 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 独立董 事姓名 | 本 报 告 期 应 参 加 董 事 | ...

证券代码：000967 公告编号：2024-025 号 盈峰环境科技集团股份有限公司 关于2024年度继续开展资产池业务的公告 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。 盈峰环境科技集团股份有限公司（以下简称"公司"）于2024年4月26日召 开的第十届董事会第六次会议审议通过了《关于2024年度继续开展资产池业务 的议案》，为进一步盘活资产，充分发挥供应链价值，提高公司流动资产的使 用效率，公司及子公司拟与金融机构开展不超过人民币20亿元的资产池（含额 度共享）专项授信额度，业务期限内，该额度可滚动使用。具体公告如下： 证券代码：000967 公告编号：2024-025 号 一、资产池业务情况介绍 1、业务概述 资产池业务于不同金融机构具体名称会有不同之处，一般是指协议金融机 构依托资产池平台对企业或企业集团开展的金融资产入池、出池及质押融资等 业务和服务的统称。协议金融机构为满足企业或企业集团统一管理、统筹使用 所持金融资产需要，对其提供的资产管理与融资服务等功能于一体的综合金融 服务平台，是协议金融机构对企业提供流动性服务的主要载体。 资产池入池资 ...