Core Viewpoint - The company, Dongfang Zirconium (002167.SZ), is responding to the increasing demand for high-performance batteries driven by the rapid development of the new energy industry by investing in a new project to produce high-purity composite zirconia for batteries [1] Group 1: Company Developments - Dongfang Zirconium has agreed to invest in its wholly-owned subsidiary, Jiaozuo Dongzircon New Materials Co., Ltd., to construct a project with an annual production capacity of 10,000 tons of battery-grade high-purity composite zirconia [1] - The investment budget for this project is set at 300 million yuan, although the final investment amount will be determined based on actual expenditures [1] Group 2: Industry Context - The new energy industry is experiencing rapid growth, leading to a significant increase in market demand for high-performance batteries [1]

格隆汇12月16日｜云图控股公告，公司决定以自有(自筹)货币资金1.32亿元追加认购江苏藏青新能源产 业发展基金份额，行使优先认缴权。本次扩募完成后，藏青基金募集规模将从53.1亿元增至67.1亿元， 公司对藏青基金的认缴出资额将从5亿元增至6.32亿元，持有其9.4162%的份额保持不变。 ...

（文章来源：证券日报） 证券日报网讯 12月16日，中山公用在互动平台回答投资者提问时表示，公司参与投资的新能源产业基 金，遵循会计准则将按标的项目估值变动确认损益并反映于基金报表，公司依据基金报表确认投资收 益。 ...

近日，公司获悉藏青基金拟扩大募集份额140,000万元。公司决定行使优先认缴权，以自有（自筹）货 币资金13,182.6742万元追加认购基金份额，并签署《江苏藏青新能源产业发展基金合伙企业（有限合 伙）合伙协议》（以下简称"本次投资"）。本次扩募完成后，藏青基金募集规模将从531,000万元增至 671,000万元；公司对藏青基金的认缴出资额将从50,000万元增至63,182.6742万元，持有其9.4162%的份 额保持不变。 格隆汇12月16日丨云图控股(002539.SZ)公布，公司于2021年10月22日召开第五届董事会第二十八次会 议，审议通过了《关于参与投资江苏藏青新能源产业发展基金的议案》，同意公司作为有限合伙人，出 资50,000万元人民币参与投资江苏藏青新能源产业发展基金合伙企业（有限合伙）（简称"藏青基 金"或"合伙企业"），持有其9.4162%的份额。 ...

格隆汇12月16日丨藏格矿业(000408.SZ)公布，江苏藏青新能源产业发展基金合伙企业（有限合伙） （简称"藏青基金"）为扩大投资规模，拟新增募集资金14亿元人民币。2025年10月16日，藏格矿业股份 有限公司召开第十届董事会第五次（临时）会议，审议通过了《关于全资子公司追加认购基金份额暨关 联交易的议案》，同意公司全资子公司藏格矿业投资（成都）有限公司（简称"藏格矿业投资"）作为有 限合伙人，使用自有资金不超过人民币65,913.37万元追加认购藏青基金本次扩募份额。本次追加投资旨 在保障公司前期投资价值，增强公司在盐湖提锂领域的资源布局和持续发展能力，预期将为公司带来良 好的投资回报。 近日，藏格矿业投资及其他各合伙人已正式签署《江苏藏青新能源产业发展基金合伙企业（有限合伙） 合伙协议》（以下简称《合伙协议》）。本次藏青基金扩募及合伙人变更的核心事项包括：（一）扩募 实施：藏青基金计划扩募140,000万元，总规模从531,000万元增至671,000万元；（二）合伙人变更：原 有限合伙人宁波青出于蓝股权投资合伙企业（有限合伙）将其所持藏青基金份额全部转让至江苏沙钢集 团有限公司并退伙。其余合伙人成 ...

Core Insights - Shenzhen Deep Investment Control Donghai New Energy Industry Private Equity Investment Fund Partnership (Limited Partnership) has been established with a capital contribution of 1 billion RMB [1] - The fund's operational scope includes private equity investment, investment management, and asset management activities [1] - Key partners in the fund include Shenzhen Energy, Shenzhen Investment Control Donghai Investment Co., Ltd., and Shenzhen Guiding Fund Investment Co., Ltd. [1] Company Information - The executing partner of the fund is Shenzhen Investment Control Donghai Investment Co., Ltd. [2] - The fund is registered as a limited partnership and is classified under capital market services [2] - The fund's business registration is valid until December 31, 2035, with a registration number of 440300227476041 [2] Investment Structure - The fund's capital structure includes contributions from several partners, with Shenzhen Energy being a notable participant [2] - The fund is associated with the National SME Development Sub-Fund, indicating a focus on supporting small and medium enterprises [2]

Group 1 - Shenzhen Investment Control East China New Energy Industry Private Equity Investment Fund Partnership (Limited Partnership) has been established with a capital contribution of 1 billion yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - The fund is co-funded by Shenzhen Guiding Fund Investment Co., Ltd. and Shenzhen Energy (000027) among others [1]

Core Insights - Shenzhen Shentou Control Donghai New Energy Industry Private Equity Investment Fund Partnership (Limited Partnership) has been established with a capital contribution of 1 billion yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - The fund is jointly funded by Shenzhen Guiding Fund Investment Co., Ltd. and Shenzhen Energy among others [1]

Core Viewpoint - The highway listed companies are facing a critical question regarding their future growth paths, whether to deepen their core business or to diversify into new areas, leading to a significant transformation involving capital movements in the range of hundreds of billions [1] Group 1: Revenue and Profitability - Revenue growth in the traditional toll road business is showing signs of fatigue, with construction revenue emerging as a key variable affecting overall revenue [2] - Construction revenue, primarily from PPP projects, can scale quickly but typically has lower profit margins, impacting overall profitability [2][3] - Companies like Chutian Expressway have seen significant revenue growth driven by construction income, with a 37.27% increase in 2024 and 37.73% in the first three quarters of 2025 [2] - Cost reduction, particularly in financial expenses, is a primary strategy for maintaining profitability among highway listed companies [3] Group 2: Capital Expansion and Core Business - The future profitability of highway listed companies is a major market concern, with limited new highway projects under construction, focusing instead on renovations and expansions of existing routes [4] - Companies like Zhongyuan Expressway are investing heavily in projects like the Zhengluo Expressway, with an investment of approximately 24.68 billion [4] - Shandong Expressway is actively acquiring operational highway projects outside its province to strengthen its core business [4][5] Group 3: Diversification into New Industries - Many highway listed companies are exploring new growth avenues, with the renewable energy sector being a popular choice [7] - Zhongyuan Expressway has signed contracts related to renewable energy projects, while Ganyue Expressway is collaborating with CATL to develop energy exchange markets [7] - Some companies have established mature diversified business segments, with Ganyue Expressway's clean energy and waste resource management accounting for 19.14% of total revenue in the first half of 2025 [7] Group 4: Investment Funds and Light Asset Models - Highway listed companies are increasingly utilizing capital strategies for diversified expansion, particularly in the field of investment funds [9] - Ganyue Expressway's investment management subsidiary has been actively engaging in private equity and asset management, achieving a net profit of 50.1 million in 2024 [9][10] - Zhongyuan Expressway has successfully invested in multiple technology companies, with its investment subsidiary participating in the listing of several firms [10]

Summary of Zhongshan Public Utilities Conference Call Company Overview - **Company**: Zhongshan Public Utilities - **Industry**: Utilities and Environmental Services Key Points and Arguments Financial Performance - The company's net profit attributable to shareholders in Q3 2025 increased by 18% year-on-year, influenced by a high base from a one-time income of 147 million yuan in the previous year [2][3] - Excluding this one-time income, the actual growth rate would be significantly higher, with a non-recurring net profit growth of 40% [3] Government Support and Cash Flow - Accounts receivable and operating cash flow improved as expected in Q3, with partial government debt relief funds anticipated by year-end [2][5] - Local government is increasing support for listed companies, which is expected to further enhance accounts receivable and cash flow [5] Dividend Planning - The company is formulating a three-year dividend plan, with internal discussions scheduled for the current week [6] Investment in Securities - The company maintains a significant stake in GF Securities, which has strong profitability, second only to the waste incineration sector, and plans to consider participating in GF Securities' capital increase based on actual conditions [7] New Energy Investments - Since 2022, the company has invested in 27 projects totaling 1.2 billion yuan in a new energy industry fund, with several projects like Muxi Semiconductor and Changxin Storage entering the listing plan [8] Tax Policy Changes - The adjustment of water resource fees to a water resource tax will impact the company's tax expenses by approximately 50 million yuan, but it will not materially affect overall profitability [10] Strategic Planning - The company's five-year strategic plan revolves around a "1+3" business structure, focusing on a high-elasticity, high-valuation investment sector and three main areas: environmental water services, green energy, and urban services [11] - The company aims to optimize its existing "311" strategy to enhance market value and return to investors, expecting significant growth in the coming years [11][12] Future Outlook - The company anticipates stable performance in core businesses such as environmental water services, water price adjustments, waste incineration, and green energy projects, with a focus on high-elasticity investment sectors as a highlight of the future five-year plan [12] Additional Important Information - The company is actively communicating with the government to secure more support for improving accounts receivable [2][6] - The management expects to achieve significant growth in 2025 and beyond through stable cash flows from core assets and investment returns from GF Securities [12]