证 券 研 究 报 告 双碳引领绿色转型，零碳园区试点先行 零碳系列报告一 证券分析师： 王璐 A0230516080007 莫龙庭 A0230523080005 傅浩玮 A0230522010001 朱赫 A0230524070002 2026.3.2 投资案件 www.swsresearch.com 证券研究报告 2 3 2. 体系构建：碳评价+碳市场 行政及市场两手抓 3. 落地路径：源头绿色转型 零碳工厂/园区先行 1. 2030年碳达峰在即，十五五启动进入碳双控，推动全面绿色转型 15 25 35 67 90 98 100 103 101 101 106 99 105 106 0% -28.5% -37.0% -40.7% -48.1%-48.4% -50.9%-51.5%-51.5% -54.0% -65% -70% -60% -50% -40% -30% -20% -10% 0% - 20 40 60 80 100 120 1980 1990 2000 2005 2010 2011 2012 2013 2015 2016 2019 2020 2021 2022 2023 2024 2030 碳排 ...

必用意亦 券研究报 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 博浩玮 A0230522010001 fuhw@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 申万宏源研究微信服务号 算力对区域电力影响更大 地缘ł 短期气价或再现高波动 申万公用环保周报(26/2/23~26/2/27) 2026 年 03 月 02 日 版》 中文 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 电力：中国发电供给充裕，煤电托底高度匹配算力需求。截至 2025 年底，全国发电装机容量 389134 万千瓦，同比增长 16.1%。其中火电装机占比 40%，太阳能发电和风电装机容量分别同比增加 35.4%、22.9%，在风光的快速增长下，清 洁能源的占比大幅提高。发电量 2025 年 1-12 月份，规上工业发电量 97159 亿千瓦时，同 ...

Core Viewpoint - The company, Guangzhou HuanTou Yongxing Group Co., Ltd., has announced its expected daily related transactions for 2026, emphasizing that these transactions are necessary for its normal production and operations, adhering to principles of openness, fairness, and justice, and will not adversely affect the company's financial status or independence [2][15]. Group 1: Daily Related Transactions Overview - The company held a special meeting of independent directors on February 12, 2026, where the expected daily related transactions for 2026 were approved with a unanimous vote [3]. - The board of directors also approved the expected daily related transactions on the same day, with the related directors abstaining from voting [3][4]. - The expected transactions are based on the company's operational needs and are deemed reasonable, ensuring no dependency on related parties and no harm to the interests of shareholders, especially minority shareholders [3][4][15]. Group 2: Approval Process and Compliance - The company’s sponsor, CITIC Securities Co., Ltd., has issued a special verification opinion, confirming that the expected daily related transactions have been approved by the board and independent directors, complying with relevant regulations [4]. - The decision-making process for these transactions aligns with the Shanghai Stock Exchange listing rules and the company's articles of association [4]. Group 3: Expected Transactions for 2026 - The expected daily related transactions for 2026 are preliminary forecasts based on business development needs, with anticipated differences from 2025 due to expected growth and collaboration with related parties [6]. - The actual transaction amounts will be influenced by business progress and market conditions, and adjustments may occur among related parties under common control [6]. Group 4: Related Parties Overview - Guangzhou Environmental Investment Group Co., Ltd. is the controlling shareholder of the company, with total assets of 30.889 billion RMB and a net asset of 10.746 billion RMB as of December 31, 2025 [9]. - Guangzhou HuanTou Environmental Service Co., Ltd. and Guangzhou HuanTou Environmental Group Co., Ltd. are subsidiaries under the controlling shareholder, with their respective financial data indicating stable operations [11][12]. Group 5: Transaction Pricing Policy - The pricing for the expected daily related transactions will follow market principles, ensuring fairness and transparency, with specific guidelines for government pricing and local market references [14].

Group 1 - The company Yongxing Co., Ltd. announced that its second board meeting for 2026 was held on February 12, 2026, to discuss the expected daily related transactions for the year [1] - Notable investors Ge Weidong and Fang Wenyuan each invested 1 billion yuan in Jianghuai, leading to a significant increase in the company's stock price [1] - Historical analysis indicates that retail investors participating in private placements have experienced both gains and losses [1]

中信证券股份有限公司 关于 广州环投永兴集团股份有限公司 2026 年度日常关联交易预计的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为广州环 投永兴集团股份有限公司（以下简称"永兴股份"或"公司"）首次公开发行股 票并在主板上市的保荐人和持续督导机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》《上海证券 交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》等有关规定，对永兴股份 2026 年度日常关联交易预计事项进行了审慎核 查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审批程序 公司于 2026 年 2 月 12 日召开 2026 年度独立董事专门会议第一次会议，以 3 票同意、0 票弃权、0 票反对审议通过了《关于 2026 年度日常关联交易预计的 议案》。独立董事专门会议认为：公司依据 2025 年日常交易情况及 2026 年生产 经营计划对 2026 年度日常关联交易进行了预计，关联交易均为公司及公司子公 司正常生产经营所需，具有合理性，交易遵循公开、公平、公正原则 ...

广州环投永兴集团股份有限公司 信用类债券信息披露事务管理制度 二〇二六年二月 1 第一章 总 则 第一条 为规范广州环投永兴集团股份有限公司（以下简称"永兴股份" 或"公司"）的信用类债券信息披露行为，加强信息披露事务管理，促进公司 依法规范运作，维护公司和投资者的合法权益，依据《中华人民共和国公司法》 《中华人民共和国证券法》《企业债券管理条例》《公司债券发行与交易管理 办法》《公司信用类债券信息披露管理办法》《银行间债券市场非金融企业债 务融资工具信息披露规则》《广州环投永兴集团股份有限公司章程》以及信用 类债券监督管理机构或市场自律组织等有关规定，制定本制度。 第二条 永兴股份下属全资、控股或实际控制的各级子公司作为发行主体 的，应参照相关监管规定和本制度，结合本单位实际情况和管理需要，制定本 单位的信息披露管理办法。 第三条 本制度所称信用类债券，包括企业债券、公司债券和非金融企业 债务融资工具。公司公开发行的企业债券、公司债券以及银行间债券市场非金 融企业债务融资工具的发行及存续期的信息披露适用本制度。 本制度所称公司信用类债券监督管理机构，包括中国人民银行、国家发展 和改革委员会和中国证券监督管理 ...

证券代码：601033 证券简称：永兴股份 公告编号：2026-005 广州环投永兴集团股份有限公司 关于 2026 年度日常关联交易预计的公告 一、公司日常关联交易基本情况 （一）日常关联交易履行的审批程序 公司于2026年2月12日召开2026年度独立董事专门会议第一次会议，以3票 同意、0票弃权、0票反对审议通过了《关于2026年度日常关联交易预计的议 案》。独立董事专门会议认为：公司依据2025年日常交易情况及2026年生产经 营计划对2026年度日常关联交易进行了预计，关联交易均为公司及公司子公司 正常生产经营所需，具有合理性，交易遵循公开、公平、公正原则，并严格按 照相关规定履行批准程序，不会对公司独立性造成不利影响，公司不会因此而 对关联方形成依赖，不存在损害公司及全体股东特别是中小股东利益的情形。 独立董事一致同意将该项议案提交公司董事会审议，关联董事需回避表决。 公司于2026年2月12日召开第二届董事会第三次会议，以4票同意、0票弃 权、0票反对审议通过了《关于2026年度日常关联交易预计的议案》，关联董事 张雪球先生、祝晓峰女士、吴宁先生回避表决。该议案无需提交公司股东会审议。 公司保荐 ...

证券代码：601033 证券简称：永兴股份 公告编号：2026-004 广州环投永兴集团股份有限公司 第二届董事会第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 具体内容详见公司于2026年2月13日在《上海证券报》《中国证券报》《证券 日报》《证券时报》和上海证券交易所网站（www.sse.com.cn）披露的制度全文。 一、董事会会议召开情况 广州环投永兴集团股份有限公司（以下简称"公司"）第二届董事会第三 次会议通知于2026年2月9日以电子邮件方式发出，并于2026年2月12日以现场会 议方式召开。本次会议由公司董事长张雪球先生主持，应当出席董事7名，实际 出席董事7名，公司高级管理人员列席了会议。本次会议的召开和表决程序符合 有关法律、行政法规、部门规章、规范性文件和《公司章程》等有关规定。 （一）审议通过《关于公司2026年度日常关联交易预计的议案》 本议案经2026年度独立董事专门会议第一次会议审议通过。 具体内容详见公司于2026年2月13日在《上海证券报》《中国证券报》《证券 日报》《证券 ...

Macro Strategy - The core viewpoint indicates that recent liquidity shocks in overseas markets, driven by concerns over the AI software bubble and subsequent momentum selling, have led to significant volatility in equities, commodities, and cryptocurrencies. It suggests that some assets may have been "wrongly killed" due to these liquidity shocks, as the macroeconomic fundamentals and broad liquidity environment have not changed significantly [1][13] - The report anticipates that the upcoming U.S. non-farm employment and CPI data for January may present upward risks, potentially reversing the slight increase in expectations for Federal Reserve rate cuts observed this week [1][13] Financial Products - The report highlights that overseas market liquidity shows signs of stabilization, which may improve market sentiment. It predicts a positive outlook for the A-share market in February, with a historical probability of 78.57% for an increase following a macro timing model score of 0 [1][16] - Fund allocation recommendations suggest a balanced ETF configuration due to expected short-term market fluctuations, with a focus on sectors like chemicals and electric grid equipment, which continue to see increasing fund sizes [1][16] Commodity Market - The report discusses the impact of liquidity shocks on commodity prices, noting that certain commodities, which rely on supply-demand improvements, have been "wrongly hurt" but may return to fundamental pricing logic as market conditions stabilize [2][17] - It emphasizes that the recent volatility in silver and other precious metals indicates a potential end to the liquidity shock, with silver becoming a key indicator of market sentiment [2][17] Environmental Industry - The report stresses the importance of advancing the national carbon market and outlines investment recommendations in clean energy, energy conservation, and recycling sectors. It highlights specific companies such as Longjing Environmental and others involved in renewable energy and waste management [6][10] Non-Banking Financial Sector - The report notes a recovery in the IPO and refinancing market, with significant year-on-year growth in both areas. It indicates that the capital market reforms and increased market activity are expected to benefit brokerage firms' investment banking revenues [9] AI Industry and Bond Financing - The report focuses on the AI industry, highlighting the need for a diversified financing system to support technology companies, particularly private firms with high growth potential. It reviews case studies of leading tech companies' bond financing paths to assess the feasibility of similar strategies in China [4]

Investment Rating - The report maintains a positive outlook on the carbon trading market and related sectors, indicating a favorable investment environment for companies involved in power generation and environmental protection [2][9]. Core Insights - The carbon market in China is expanding, with a cumulative trading volume of 865 million tons and a total transaction value of 57.663 billion yuan as of December 31, 2025. The trading volume for the year increased by approximately 24% year-on-year, although the average transaction price fell by 19.23% to 62.36 yuan per ton [2][6]. - The report highlights the government's commitment to carbon reduction, transitioning from energy control to carbon control, which is expected to create investment opportunities in the environmental sector [9]. - Natural gas prices have decreased due to a combination of supply-demand dynamics and seasonal factors, with significant price drops observed in various markets, including a 39.20% decrease in the Henry Hub spot price [2][12]. Summary by Sections 1. Power Sector - The carbon trading market is projected to continue expanding, with key emission units increasing awareness of carbon reduction. The number of units under management reached 3,378, with significant representation from the power, steel, cement, and aluminum industries [2][6]. - Recommendations for investment include companies with stable revenue sources such as Guodian Power, Inner Mongolia Huadian, and China Huaneng, which benefit from diversified income streams [9][11]. 2. Natural Gas Sector - Natural gas prices have seen a significant decline, with the Henry Hub spot price at $4.37/mmBtu, reflecting a 39.20% week-on-week drop. The report notes that the supply-demand balance is improving, contributing to this price decrease [2][12]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower upstream resource costs and improved sales volumes [34][35]. 3. Market Performance Review - The report indicates that the power equipment and gas sectors outperformed the broader market during the review period from February 2 to February 6, 2026 [37]. 4. Company and Industry Dynamics - Recent regulatory updates include the National Development and Reform Commission's notification on improving the capacity pricing mechanism for coal and gas power generation, which aims to enhance revenue recovery for power plants [39][40]. - Key company announcements include performance forecasts from major players like Datang Power and Shanghai Electric, indicating significant year-on-year profit growth [41]. 5. Valuation Tables - The report provides valuation metrics for key companies in the utility sector, with several companies rated as "Buy," indicating strong growth potential and favorable market conditions [43][44].