Core Viewpoint - The company, Xingrong Environment (000598.SZ), has confirmed that there are currently no adjustments to the water supply prices in the central urban area of Chengdu [1] Group 1 - The company is focused on providing high-quality water supply services while enhancing operational efficiency through stable operations and lean management [1]

南财智讯1月7日电，兴蓉环境公告，近日公司董事会收到董事长刘娜女士递交的书面辞职报告。因工作 变动，刘娜女士辞去公司第十届董事会董事、董事长、董事会战略委员会主任委员、提名委员会委员和 薪酬与考核委员会委员职务，原定任期至第十届董事会任期届满之日止，辞职后将不再担任公司任何职 务。根据有关规定，刘娜女士的辞职报告自送达董事会时生效。刘娜女士的辞职不会导致公司董事会成 员低于法定最低人数。刘娜女士将按照公司相关规定做好工作交接。公司将于近期按照法定程序尽快完 成董事补选、新任董事长选举、调整董事会专门委员会委员等工作。截至本公告披露日，刘娜女士未持 有公司股份，不存在尚未履行完毕的承诺事项。 ...

格隆汇1月7日丨兴蓉环境(000598.SZ)公布，董事会收到董事长刘嫏女士递交的书面辞职报告。因工作 变动，刘嫏女士辞去公司第十届董事会董事、董事长、董事会战略委员会主任委员、提名委员会委员和 薪酬与考核委员会委员职务（原定任期至第十届董事会任期届满之日止），辞职后将不再担任公司任何 职务。根据法律法规及《公司章程》等有关规定，刘嫏女士的辞职报告自送达董事会时生效。 ...

近日，成都市兴蓉环境股份有限公司（以下简称：公司）董事会 收到董事长刘嫏女士递交的书面辞职报告。因工作变动，刘嫏女士辞 去公司第十届董事会董事、董事长、董事会战略委员会主任委员、提 名委员会委员和薪酬与考核委员会委员职务（原定任期至第十届董事 会任期届满之日止），辞职后将不再担任公司任何职务。根据法律法 规及《公司章程》等有关规定，刘嫏女士的辞职报告自送达董事会时 生效。 证券代码：000598 证券简称：兴蓉环境 公告编号：2026-01 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 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。 特此公告。 成都市兴蓉环境股份有限公司 董事会 2 刘嫏女士的辞职不会导致公司董事会成员低于法定最低人数，不 会对公司的正常经营产生重大影响。刘嫏女士将按照公司相关规定做 好工作交接。公司将于近期按照法定程序尽快完成董事补选、新任董 事长选举、调整董事会专门委员会委员等工作。截至本公告披露日， 刘嫏女士未持有公司股份，不存在尚未履行完毕的承诺事项。 刘嫏女士在担任公司董事长期间，恪尽职守、勤勉尽责，带领董 事会和经营管理层 ...

格隆汇1月7日丨兴蓉环境(000598.SZ)公布，董事会收到董事长刘嫏女士递交的书面辞职报告。因工作 变动，刘嫏女士辞去公司第十届董事会董事、董事长、董事会战略委员会主任委员、提名委员会委员和 薪酬与考核委员会委员职务（原定任期至第十届董事会任期届满之日止），辞职后将不再担任公司任何 职务。根据法律法规及《公司章程》等有关规定，刘嫏女士的辞职报告自送达董事会时生效。 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The National Fiscal Work Conference held on December 27 - 28, 2025, proposed to continue implementing a more proactive fiscal policy in 2026, including expanding fiscal expenditure, optimizing the government bond tool mix, improving the efficiency of transfer payment funds, continuously optimizing the expenditure structure, and strengthening fiscal - financial coordination [7][8]. - The "expansion of domestic demand" remains the top priority among the six key fiscal tasks in 2026, with specific measures to boost consumption, expand effective investment, and accelerate the construction of a unified national market [7][10][11]. - Hainan summarized the achievements of state - owned enterprises' reform and development during the "14th Five - Year Plan" and set goals for the "15th Five - Year Plan", aiming to enhance profitability and play a strategic supporting role [7][15]. Summary by Directory 1. News Review (1) Four Highlights of the National Fiscal Work Conference - **More Proactive Fiscal Policy**: In 2026, the fiscal policy will continue to be "more proactive". It is recommended that the deficit rate be maintained above 4%, with a new special bond quota of 5.1 trillion yuan and a special treasury bond of 1.8 trillion yuan, and the general deficit scale may reach about 15 trillion yuan, an increase of over 1 trillion yuan compared to 2025. The structure of local debt should be optimized, and the proportion of general bonds should be moderately increased [7][9]. - **Optimized Expenditure Structure**: "Expanding domestic demand" is the top priority. Specific measures include boosting consumption, expanding investment, and building a unified national market. The task of "promoting urban - rural integration and regional linkage" has been upgraded to the third place. There is significant investment space in the people - centered new urbanization, with about 300 million "new citizens" in China having unmet needs, and the investment space in urban renewal during the "15th Five - Year Plan" may exceed 35 trillion yuan [7][11]. - **Strengthened Fiscal - Financial Coordination**: This is a new proposal. Fiscal and monetary policies need to cooperate. Three dimensions to strengthen coordination are proposed: strengthening the linkage between fiscal subsidies and structural monetary policies, deepening the function of treasury bonds as the core link of macro - control, and improving the assessment and feedback mechanism [12][13]. - **Enhanced Local Financial Resources**: The focus has shifted from "increasing transfer payments" to "improving transfer payment efficiency". Suggestions include optimizing the structure, improving the direct fiscal fund mechanism, and establishing an incentive - restraint mechanism. In the long run, the fiscal and tax system reform should be deepened [14]. (2) Hainan's State - owned Enterprises Reform and Development - **Achievements in the "14th Five - Year Plan"**: Comprehensive strength has been significantly enhanced, the layout of state - owned assets has been optimized, the reform of state - owned enterprises has been advanced in an orderly manner, and the capital operation ability has been improved. Seven new listed companies have been added, and a "1 + N" mother - child fund matrix has been initially established [15]. - **Goals for the "15th Five - Year Plan"**: Solve problems such as weak main businesses, low ROE, high asset - liability ratios of some enterprises, and insufficient financing from the capital market. Continue to promote the reform of state - owned enterprises, deepen cooperation with central enterprises, and focus on improving profitability [15]. (3) Tracking of "Exiting the Platform" of Urban Investment Enterprises - This week, 12 urban investment enterprises declared to be market - oriented operating entities or exited the financing platform list, a decrease compared to last week. Most are from the infrastructure investment and financing industry, with 7 from Jiangsu. The main credit ratings are AA and AA +, and there are 7 at the municipal level and 5 at the district - county level [16]. (4) Early Redemption of Bonds by Urban Investment Enterprises - This week, 29 urban investment enterprises redeemed bond principal and interest in advance, involving 32 bonds with a total scale of 44.10 billion yuan, a decrease of 0.76 billion yuan compared to the previous value. Most of the enterprises have an AA credit rating [19]. 2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds (1) Local Government Bonds - This week, the issuance and net financing scale of local government bonds decreased. Six local bonds were issued, with a scale of 20.37 billion yuan and a net financing of - 31.74 billion yuan. As of December 28, the cumulative issuance of new bonds (excluding small and medium - bank special bonds) reached 53,336.89 billion yuan, completing 102.57% of the annual new quota. The use progress of the 500 - billion - yuan carry - over quota may exceed 90% [7][20]. - In terms of issuance structure, all 6 bonds issued this week were new special bonds. The issuance term is mainly 20 - year, accounting for 59.45%. The weighted average issuance term is 15.14 years, 1.01 years shorter than the previous value. Three provinces issued local bonds this week, with Guangdong having the largest issuance scale of 15.00 billion yuan [20][21]. (2) Urban Investment Bonds - This week, the issuance scale of urban investment bonds decreased, the net financing scale increased, the issuance interest rate decreased, and the issuance spread widened. A total of 92 urban investment bonds were issued, with a scale of 62.515 billion yuan, a 20.29% decrease compared to the previous value, and a net financing of 6.841 billion yuan, an increase of 2.603 billion yuan compared to the previous value. There were no overseas urban investment bonds issued this week [7][23]. - The issuance cost: the overall issuance interest rate is 2.25%, a decrease of 4.97BP compared to the previous value, and the issuance spread is 80.61BP, a widening of 1.07BP compared to the previous value. The issuance term is mainly 5 - year, accounting for 32.61%, and the issuer's main credit rating is AA + [23][24]. 3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - This week, the central bank conducted 422.7 billion yuan of reverse repurchase operations, with 457.5 billion yuan of reverse repurchase maturing. After considering other factors, the net withdrawal of funds was 155.2 billion yuan. Short - term capital interest rates fluctuated, with some rising and some falling [29]. - **Local Government Bonds**: The trading volume of local government bonds was 385.482 billion yuan, a 14.35% decrease compared to the previous value. Most of the maturity yields decreased, with an average decrease of 3.13BP [29]. - **Urban Investment Bonds**: The trading volume was 345.019 billion yuan, a 4.17% increase compared to the previous value. The maturity yields mainly decreased, with an average decrease of 1.95BP. The spreads of 1 - year and 3 - year AA + urban investment bonds widened, while that of 5 - year AA + urban investment bonds narrowed. There were 11 abnormal transactions of 6 bonds of 5 urban investment entities [30][31]. 4. Important Announcements of Urban Investment Enterprises - This week, 77 urban investment enterprises issued announcements on changes in senior management, legal representatives, directors, supervisors, etc., changes in controlling shareholders and actual controllers, equity/asset transfers, and changes in business scope [34].

成都市兴蓉环境股份有限公司 董事会秘书工作细则 （经2025年12月31日公司第十届董事会第三十三次会议审议通过） 第一章 总则 第一条 为促进成都市兴蓉环境股份有限公司（以下简称：公司） 规范运作，充分发挥董事会秘书作用，加强对董事会秘书工作的管理 与监督，根据《中华人民共和国公司法》《中华人民共和国证券法》 《深圳证券交易所股票上市规则》等相关法律法规、规范性文件和《成 都市兴蓉环境股份有限公司章程》（以下简称：《公司章程》）的有 关规定，制定本细则。 第二条 公司设董事会秘书一名，董事会秘书为公司的高级管理 人员。 第三条 董事会秘书是公司与深圳证券交易所（以下简称：深交 所）之间的指定联络人。公司为董事会秘书履行职责提供便利条件， 董事、财务负责人及其他高级管理人员和相关工作人员需支持、配合 董事会秘书的工作。董事会秘书为履行职责，有权了解公司的财务和 经营情况，参加涉及信息披露的有关会议，查阅相关文件，并要求公 司有关部门和人员及时提供相关资料和信息。董事会秘书在履行职责 的过程中受到不当妨碍和严重阻挠时，可以直接向深交所报告。 第二章 董事会秘书的任职资格 第四条 董事会秘书应具有履行职责所必需的 ...

成都市兴蓉环境股份有限公司 董事会战略委员会工作细则 （经2025年12月31日公司第十届董事会第三十三次会议审议通过） 第一章 总则 第四条 战略委员会委员由董事长、二分之一以上独立董事或者全 体董事的三分之一提名，并由董事会选举产生。 第五条 战略委员会设主任委员（召集人）一名，由董事长担任， 负责召集、主持委员会工作。 第六条 战略委员会任期与董事会任期一致，委员任期届满，连选 可以连任。期间如有委员不再担任公司董事职务或应当具有独立董事身 1 份的委员不再具备独立性，该委员将自动失去委员资格，并由董事会根 据上述第三至第五条规定补足委员人数。 第七条 战略委员会下设工作组为日常办事机构，负责日常工作联 络和会议组织工作，工作组设在投资发展部。 第一条 成都市兴蓉环境股份有限公司（以下简称"公司"）为适 应公司战略发展需要，增强公司核心竞争力，确定公司发展规划，健全 投资决策程序，加强决策科学性，提高重大投资决策的效益和决策的质 量，完善公司治理结构，根据《中华人民共和国公司法》、《上市公司 治理准则》、《成都市兴蓉环境股份有限公司章程》（以下简称"《公 司章程》"）及其他有关规定，特设立董事会战略委员 ...

第二条 董事会提名委员会是董事会按照股东会决议设立的专门工作 机构，主要负责对公司董事和高级管理人员进行遴选，对公司董事和高级 管理人员的选择标准和程序提出建议。 第二章 人员组成 第三条 提名委员会由三名董事组成，其中独立董事二名。 成都市兴蓉环境股份有限公司 董事会提名委员会工作细则 （经2025年12月31日公司第十届董事会第三十三次会议审议通过） 第一章 总 则 第一条 成都市兴蓉环境股份有限公司（以下简称：公司）为规范公 司董事和高级管理人员的产生，优化董事会组成，完善公司治理结构，根 据《中华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管 理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公 司规范运作》等法律法规及《成都市兴蓉环境股份有限公司章程》(以下 简称：《公司章程》)的相关规定，特设立董事会提名委员会，并制定本工 作细则。 （二）广泛搜寻合格的董事和高级管理人员的人选。 （三）对董事候选人及其任职资格进行遴选、审核，并向董事会提出 提名或者任免董事的建议。 第四条 提名委员会委员由董事长、二分之一以上独立董事或者全体 董事的三分之一提名，并由董事会选举产生。 ...