Core Viewpoint - In December, the CSI 300 index rose by 2.28%, while the public utility index fell by 2.46% and the environmental index decreased by 0.04%, with relative monthly returns of -4.74% and -2.32% respectively [2] Market Review - The public utility and environmental sectors ranked 27th and 19th among 31 primary industry categories in terms of growth [2] - Within the electricity sector, coal-fired power dropped by 5.17%, hydropower decreased by 3.08%, and new energy generation fell by 0.39% [2] - The water sector declined by 2.55%, and the gas sector saw a slight decrease of 0.18% [2] Important Events - The State Council issued the "Comprehensive Solid Waste Management Action Plan," aiming for significant improvements in solid waste management by 2030, including controlling historical waste stockpiles and increasing the annual comprehensive utilization of major solid waste to 4.5 billion tons [2] Investment Strategy - Public Utilities: - Coal and electricity prices are declining, maintaining reasonable profitability for coal-fired power; recommended companies include Huadian International and Shanghai Electric [4] - Continued government support for new energy development is expected to stabilize profitability; recommended companies include Longyuan Power and Three Gorges Energy [4] - Nuclear power companies are expected to maintain stable profitability; recommended companies include China National Nuclear Power and China General Nuclear Power [4] - High-dividend hydropower stocks are highlighted for their defensive attributes; recommended company is Yangtze Power [4] - Gas companies with capabilities in marine gas trade are recommended, such as Jiufeng Energy [4] - Companies advancing in clean energy equipment manufacturing, like Xizi Clean Energy, are also recommended [4] - Environmental Sector: - The water and waste incineration sectors are maturing, with improved free cash flow; recommended companies include China Everbright Environment and Shanghai Industrial Holdings [4] - The domestic scientific instrument market has significant potential for domestic substitution; recommended companies include Juguang Technology and Wanyi Technology [4] - The EU's SAF blending policy is expected to benefit the domestic waste oil recycling industry; recommended company is Shangaohuaneng [4] - The agricultural biomass power generation sector is seeing cost improvements due to falling straw prices; recommended company is Changqing Group [4]

Group 1 - The EU carbon tariff will officially be implemented on January 1, 2026, initially affecting industries such as cement, steel, aluminum, fertilizers, electricity, and hydrogen, with potential expansion to chemicals, plastics, ceramics, paper, and organic basic chemicals by 2027 [1] - The current EU ETS carbon price is approximately €80-90 per ton, which is about 13 times higher than China's current carbon price, significantly increasing the cost of exports to the EU [1] - Companies are encouraged to focus on reducing carbon emissions and adapting to carbon tariffs through the circular economy, particularly in sectors like recycled resources, recycling systems, green steam, and green methanol [1] Group 2 - Recent debt resolution actions by listed companies, such as Chuangye Environmental and Mongolian Grass Ecology, indicate a rapid advancement in local debt resolution processes [2] - Local governments are optimizing cash flow through one-time payments of historical debts, early termination of PPP projects, and debt restructuring, which is expected to enhance the market value of many environmental companies [2] - Companies with significant accounts receivable, particularly from government-funded projects, are likely to see notable improvements in market value and profit recovery, especially in solid waste, water services, sanitation, ecological restoration, and water treatment sectors [2] Group 3 - High dividend assets remain attractive, with environmental companies achieving significant excess returns despite a weaker overall dividend environment in 2025 [3] - Notable stock price increases for companies such as China Everbright Environment and Huaneng Environment, with annual growth rates of 31.7%, 26.3%, 46.7%, and 30.6% respectively [3] - The expectation of continued dividend increases is supported by reduced funding needs due to fewer new project orders, making companies like Huaneng Environment, Shanghai Industrial Holdings, and others worthy of attention [3]

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].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Insights - The report highlights the dual drivers of improved cash flow in the waste incineration sector due to decreased capital expenditure and accelerated national subsidies [9][10] - The State Council's issuance of the "Solid Waste Comprehensive Treatment Action Plan" is expected to benefit resource recycling and solid waste management industries [15][16] - The report emphasizes the potential for dividend increases in the waste incineration sector, projecting a rise in dividend potential from 114% to 141% due to improved cash flow and subsidy recovery [13][12] Summary by Sections Industry Trends - The environmental protection industry is experiencing a significant increase in cash flow and dividend potential due to reduced capital expenditures and improved national subsidy recovery [9][10] - The waste incineration sector is projected to see a substantial improvement in cash flow, with a notable increase in national subsidy recovery rates [10][11] Key Recommendations - The report recommends focusing on companies such as Huanlan Environment, Longjing Environmental Protection, and Green Power for their dividend potential and growth prospects [3][13] - It also suggests monitoring companies like Weiming Environmental and Sanfeng Environment for their overseas growth strategies [3][13] Policy Tracking - The "Solid Waste Comprehensive Treatment Action Plan" sets clear targets for solid waste utilization by 2030, which is expected to drive growth in the resource recycling sector [15][16] - The report notes that the plan includes measures to improve the commercial model for waste management, which will benefit the industry [16][17] Company Highlights - Longjing Environmental Protection has successfully connected its second phase of the solar storage project in Guyana and delivered its first electric mining truck, marking a significant step in green mining [21][24] - Jingjin Equipment, a leader in filter press manufacturing, is expected to benefit from the recovery in the lithium battery sector and overseas expansion [27][28] Market Performance - The report indicates that the environmental protection sector is poised for growth, driven by increased demand for waste management and recycling solutions [30][31] - The report also highlights the expected recovery in cash flow for water service companies, which could mirror the trends seen in the waste incineration sector [31]

上周A股 重磅资讯 国务院：到2030年大宗固体废弃物年综合利用量达到45亿吨主要再生资源年循环利用量达到5.1亿吨 2025年12月31日，A股2025年交易正式收官。上周（2025年12月29日—12月31日）三个交易日，A股三 大指数涨跌不一。截至2025年12月31日收盘，上证指数报3968.84点，周涨0.13%；深成指报13525.02 点，周跌0.58%；创业板指报3203.17点，周跌1.25%。 具体来看，超36%的个股上周实现上涨，76股周涨超15%，27股周跌超15%。按照申万一级行业分类， 石油石化、国防军工、传媒、汽车、机械设备等板块上涨，公用事业、食品饮料、电力设备、医药生 物、非银金融等多个板块下跌。 | 名称 | 最新点位 | 、涨跌幅 | | --- | --- | --- | | 上证指数 | 3968.84 | +5.16(0.13%) | | 深证指数 | 13525.02 | -78.87 (-0.58%) | | 创业板指 | 3203 17 | -40.71(-1.25%) | | | 日期:12月29日-12月31日 制图:21投资通 | | 周五外盘 纽约股市 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights the formal implementation of the EU carbon tariff in 2026, which is expected to boost demand for China's circular economy and green energy industries. The carbon price in the EU is currently 80-90 euros per ton, significantly higher than China's current carbon price, which will increase export costs for Chinese companies. Companies can reduce carbon emissions through green energy and recycled resources [7][11] - There is a notable acceleration in local government debt reduction efforts, with several companies in the environmental sector announcing debt recovery measures. This includes one-time payments for historical receivables and debt restructuring, which are expected to improve cash flow for many companies [7][30] - High dividend assets in the environmental sector remain attractive, with companies like Guangda Environment and Huanlan Environment showing significant stock price increases in 2025. The expectation of continued dividend growth is supported by reduced capital expenditure needs due to fewer new project orders [7][30] Summary by Sections 1. Receivables Recovery Announcements - Numerous announcements regarding receivables recovery from listed companies indicate a trend towards debt reduction in the industry. For instance, Chuangye Environmental has signed agreements to improve cash flow by adjusting payment cycles for wastewater treatment fees [15][16] - Mengcao Ecology has announced the termination and debt restructuring of four PPP projects, expecting to recover approximately 1 billion yuan in receivables, which will enhance cash flow and fund utilization efficiency [23][24] 2. Carbon Tariff Implementation - The EU carbon tariff will officially be implemented in 2026, impacting various industries including cement, steel, and electricity. This is expected to expand to additional sectors by 2027, influencing downstream products and commodities [7][11] 3. Policy Review and Trends - The report reviews policies aimed at resolving local government debts and emphasizes the importance of addressing overdue payments to enterprises. Recent policies have allocated special bond quotas to address these issues [27][28][29] 4. Company Performance and Recommendations - The report suggests focusing on companies with significant receivables from government projects, as they are likely to see improved market valuations and profit recovery. Key companies to watch include Chengfa Environment, Wuhan Holdings, and others in the solid waste and water treatment sectors [30]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國光大環境(集團)有限公司 (於香港註冊成立之有限公司) | | | 呈交日期: | 2026年1月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00257 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 6,142,975,292 | | 0 | | 6,142,975,292 | | 增 ...

Group 1 - The Hang Seng High Dividend Low Volatility Index (HSHYLV.HI) has decreased by 0.26%, with notable stocks such as Shougang Resources up by 0.3% and Yancoal Australia up by 0.1% [1] - The Hang Seng Dividend Low Volatility ETF (159545) has attracted significant capital, with net inflows exceeding 210 million in the past 5 days, 1.5 billion in the past 20 days, and 3.7 billion in the past 60 days [1] - First Shanghai Securities highlights that the high dividend sector in Hong Kong stocks is worth attention in the current low interest rate environment, with a cumulative net inflow of 1.38 trillion HKD into the Hong Kong Stock Connect since the beginning of 2025, marking a historical high [1] Group 2 - The Hang Seng Dividend Low Volatility ETF (159545) has a mechanism for evaluating excess returns and distributable profits quarterly, which enhances cash yield stability and investor experience [2] - The E Fund Dividend Index series, including the Hang Seng Dividend Low Volatility ETF (159545), aims for monthly dividends to meet cash flow needs by assessing distributions quarterly [2] Group 3 - Related products include various ETFs such as the Hang Seng Dividend Low Volatility ETF Link A (021457) and E Fund Dividend ETFs, which are designed to provide diversified exposure to dividend-paying stocks [3]

12月29日，来自深圳的港股机器人企业越疆宣布，启动首次公开发行人民币普通股及于深交所上市计 划。 从已经登陆科创板的百奥赛图再到映恩生物、光大环境等港股企业启动A股上市计划，港股近期掀起一 股积极"回A"的浪潮。值得关注的是，光大环境、越疆均为粤港澳大湾区企业，伴随着企业"回A"进程 的推进，"H转深A"有望增添新的示范案例，进一步探索并完善该通道的具体实践路径。 资料显示，越疆是专门从事协作机器人开发、制造及商业化的领先企业之一，是蓬勃发展的具身智能机 器人行业前沿参与者，产品已广泛应用于工业制造、医疗手术等领域，覆盖全球超过100个国家和地 区。记者了解到，目前，越疆已委聘上市前辅导机构，并已提交A股上市前辅导的登记申请。 今年以来，A股公司赴港上市的趋势仍在延续，与此同时，港股企业回归A股市场也在不断升温。 南开大学金融发展研究院院长田利辉接受证券时报记者采访时表示，港股公司积极回A，核心动力在于 寻求更匹配的估值、更充裕的流动性以及更贴近主要市场与客户的战略布局，特别是此前发布的政策为 粤港澳大湾区企业回A提供了清晰路径。 今年以来，累计已有19家A股上市公司成功登陆港股市场，合计募资金额约1400 ...

Core Viewpoint - The environmental protection industry is crucial for China's green transition, evolving from opportunistic development to building comprehensive competitiveness, with ESG becoming a core element for sustainable development [1]. Industry Overview - The environmental protection industry is increasingly recognized for its role in leading the transition to a low-carbon economy, with a notable shift towards integrating ESG principles into business strategies [1][2]. - The number of ESG reports published by listed companies in the environmental sector has increased from 30 in 2020 to 68 in 2024, with the disclosure rate rising from 28.16% to 48.23% [1][2]. ESG Reporting and Performance - Leading companies in the environmental sector have set an example in ESG management, with 7 out of the top 10 companies having disclosed ESG reports for over 5 years, and some for over 10 years [2]. - Key ESG issues identified for the industry include climate change response, emissions and waste management, water resource management, product quality and service, smart environmental protection, technological innovation, business model resilience, and occupational health and safety [2]. - The proportion of listed environmental companies incorporating climate change into their material issue management has increased from 20% in 2023 to 42% in 2024 [2]. ESG Ratings and Scores - The average ESG score for environmental companies in 2024 is 65.29 out of 100, categorizing the overall performance as BBB level, with 30.49% of companies rated A to AAA and 65.96% rated B to BBB [3]. - The public utility sector shows a high ESG disclosure rate of nearly 75%, with significant growth from 59.23% in 2022 to 74.81% in 2024 [4][5]. Company-Specific Insights - Huanlan Environment has been recognized for its long-standing commitment to ESG, having published its first social responsibility report in 2008 and achieving A-level ratings in various ESG assessments [8][11]. - The company has implemented comprehensive waste management and water resource management strategies, achieving a water supply loss rate of 6.84% in 2024, which is among the best in the country [9][10]. - Changjiang Electric has made significant strides in green energy production, generating 2,959.04 billion kWh of green electricity in 2024, a 7.11% increase from the previous year, while also reducing carbon emissions by over 240 million tons [14][16].