内容概要：近年来，随着国家对环保的重视和医院污水治理的严格要求，医疗污水处理设备市场规模持 续扩大。数据显示，2015年中国医疗污水处理设备市场规模达到28.5亿元，到了2024年中国医疗污水处 理设备行业市场规模增长至48亿元。预计未来中国医疗污水处理设备行业市场规模将继续保持增长趋 势。一方面，中国政府对环保产业的支持，为医院污水处理设备的研发、生产和应用提供了有力支持， 推动了医院污水处理设备市场的健康发展；另一方面，随着科技的不断进步，医院污水处理设备的技术 将不断升级和创新，提高了设备的处理效率和稳定性，进而推动行业发展。 相关上市企业：华骐环保（300929）、创业环保（600874）、碧水源（300070）、首创环保 （600008）、北控水务集团（00371）、兴蓉环境（000598）、节能国祯（300388）、鹏鹞环保 （300664）、菲达环保（600526）等 相关企业：环球现代环保装备（山东）有限公司、北京中宜汇富环保工程有限公司、厦门欧美克斯环保 科技有限公司、诸城市华顺环保设备有限公司、诸城市四方环保科技有限公司、山东贝特尔环保科技有 限公司、嘉善县大地污水处理工程有限公司、河北康 ...

Market Performance Overview - The equity market indices collectively rose during the week of December 22-26, 2025, with the CSI 500 increasing by 4.03%. The sectors that performed well included non-ferrous metals, defense and military industry, and electric equipment, while beauty care, social services, and banking sectors saw declines [4]. Fund Product Issuance - A total of 65 new funds were established in the domestic market this week, with a combined issuance of 27.894 billion units. This included 19 bond funds, 18 stock funds, 18 mixed funds, 6 FOF funds, 1 REIT, and 3 money market funds. Overall, 23 new funds were issued across various types, including 8 mixed funds, 8 stock funds, 5 bond funds, 1 FOF fund, and 1 REIT [5]. Fund Product Performance Tracking - The defense and military theme funds saw a significant increase in net value this week, while the medical and consumer theme funds experienced a pullback. As of December 26, 2025, the net value changes for various thematic funds were as follows: defense and military (6.62%), new energy (6.34%), TMT (4.15%), industry balanced (3.08%), industry rotation (2.63%), cyclical (2.63%), financial real estate (0.14%), consumer (-0.21%), and medical (-0.81%) [6]. ETF Market Tracking - Stock ETFs continued to see significant inflows, with a net inflow of 36.341 billion yuan. The median return for stock ETFs was 2.74%. In contrast, Hong Kong stock ETFs had a median return of -0.09% with a net inflow of 1.612 billion yuan. Cross-border ETFs had a median return of 0.90% and a net inflow of 0.655 billion yuan. Commodity ETFs had a median return of 3.59% with a net inflow of 2.129 billion yuan. Notably, the broad market theme ETFs saw a total inflow of 43.784 billion yuan, while the medical theme ETFs had a net inflow of 0.403 billion yuan [7]. ESG Financial Product Tracking - This week, 31 new green bonds were issued, totaling an issuance scale of 22.114 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance scale of 5.17 trillion yuan and a total of 4,458 bonds issued as of December 26, 2025. The domestic fund market currently has 211 ESG funds with a total scale of 153.222 billion yuan. The median net value changes for various ESG fund types this week were 4.12% for active equity, 2.50% for passive stock index, and 0.06% for bond ESG funds, with themes like carbon neutrality, green energy, and environmental protection performing well [8].

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, driven by both internal growth and the consolidation of Renhe Environment's profits [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.163 billion yuan, a year-on-year increase of 23.21% [1] - The net profit attributable to shareholders was 605 million yuan, up 48.69% year-on-year [1] - The net profit excluding non-recurring items was 584 million yuan, reflecting a 55.54% increase year-on-year [1] - In Q3 2025, revenue reached 685 million yuan, growing 6.23% year-on-year [1] - The net profit for Q3 was 205 million yuan, an increase of 47.64% year-on-year [1] - The net profit excluding non-recurring items for Q3 was 199 million yuan, up 48.53% year-on-year [1] Growth Drivers - The integration of Renhe Environment since December 1, 2024, significantly boosted the company's profits, contributing to a 43.5% increase in net profit attributable to shareholders compared to the previous year [2] - Internal growth was supported by improved operational efficiency in waste incineration and contributions from the Liuyang and Pingjiang projects [2] - The company processed 2.7004 million tons of municipal waste from January to September 2025, a 7.89% increase year-on-year [2] - The electricity generated was 1.294 billion kWh, up 17.53% year-on-year [2] - The electricity generated per ton of waste was 479.10 kWh, reflecting a 4.72% increase year-on-year [2] - The collection of kitchen waste reached 305,700 tons, and the transfer processing of municipal waste was 2.4318 million tons [2] - Sales of industrial-grade mixed oil amounted to 22,600 tons [2] Cash Flow and Dividends - The net cash flow from operating activities for the first three quarters of 2025 was 1.158 billion yuan, a 60.26% increase year-on-year, primarily due to the contribution from Renhe Environment [3] - Capital expenditures were 491 million yuan, a decrease of 11.9% year-on-year, mainly due to spending on the Bishkek project in Kyrgyzstan [3] - The company generated free cash flow of 667 million yuan, significantly up from 165 million yuan in the same period last year [3] - The company maintained a dividend of 0.90 yuan per share from 2022 to 2024, with dividend payout ratios of 79.2%, 71.8%, and 94.6% respectively [3] - A long-term dividend return plan was announced, committing to a minimum payout ratio of 50% [3] New Projects and Market Expansion - New domestic projects in Liuyang (1,200 tons/day) and Pingjiang (600 tons/day) are expected to be operational by the end of 2024 to early 2025, driving growth in 2025 [4] - The company has signed agreements for waste treatment projects in Kyrgyzstan with a total processing capacity of 7,000 tons/day, with the first phase expected to be operational by the end of 2025 [4] - A preliminary tripartite agreement was signed with Almaty, Kazakhstan, for an investment of approximately 280 million USD to build solid waste power generation facilities [4] Profit Forecast and Valuation - The company is projected to achieve net profits attributable to shareholders of 767 million yuan, 833 million yuan, and 902 million yuan for 2025, 2026, and 2027 respectively [4] - The expected EPS growth rates are -25.7% (due to dilution from a private placement), 8.6%, and 8.3% for the respective years [4] - Corresponding P/E ratios are estimated at 15.6x, 14.3x, and 13.2x [4] - The company maintains a "Buy" rating [4]

Core Viewpoint - Dongjiang Environmental Protection Co., Ltd. is actively involved in industrial waste treatment and is expanding into municipal waste management, emphasizing a comprehensive environmental management solution aligned with low-carbon economy principles [2]. Group 1: Financial Performance - As of June 30, 2025, Dongjiang Environmental reported a revenue of 1.5 billion yuan, a year-on-year decrease of 3.4%, and a net profit attributable to shareholders of -278 million yuan, a year-on-year decrease of 8.09% [2]. - The company has cumulatively distributed 959 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 2: Stock and Financing Activity - On October 20, 2023, Dongjiang Environmental's stock rose by 0.85%, with a trading volume of 22.67 million yuan. The net financing buy was -388,300 yuan, indicating a higher level of financing repayment than new purchases [1]. - The total financing and securities lending balance for Dongjiang Environmental reached 114 million yuan, accounting for 2.67% of its market capitalization, which is above the 80th percentile of the past year [1]. - The company repaid 2,600 shares in securities lending on October 20, 2023, with a remaining securities lending balance of 15,480 yuan, exceeding the 90th percentile of the past year [1]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Dongjiang Environmental was 31,200, reflecting a slight increase of 0.14% from the previous period [2]. - Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 14.26 million shares, an increase of 3.16 million shares from the previous period [3].

Group 1 - The Ministry of Industry and Information Technology held a symposium on the photovoltaic industry, emphasizing the need to curb low-price disorderly competition and promote the orderly exit of backward production capacity to optimize the industry environment through market-oriented and legal methods [1] - The supply of polysilicon has increased month-on-month, but the oversupply situation has not improved; wafer manufacturers are proactively reducing production to alleviate inventory pressure, and the inventory days of photovoltaic glass have returned to low levels [1] - Domestic new photovoltaic installations have significantly declined after the rush to install, with a year-on-year decrease of 47.55% in July; overseas component exports are weak, but imports from the Middle East, Americas, and Africa continue to increase [1] Group 2 - The prices in the photovoltaic industry chain are stagnant, with a slight rebound in polysilicon and wafer prices, while component prices remain stable; the short-term trend is expected to be stable [1] - The industry's second-quarter performance showed marginal improvement, and the gradual exit of backward production capacity is expected to optimize the competitive landscape; valuations are at historical lows, presenting a potential for recovery [1] - The Carbon Neutrality 50 ETF (159861) tracks the Environmental Protection 50 Index (930614), which selects the top 50 companies related to environmental protection from the Chinese A-share market, covering various fields such as clean energy, pollution control, and resource recycling [1]

Financial Performance - The company held a performance briefing on September 1, 2025, to discuss financial and operational matters with investors [1] - The company is actively addressing accounts receivable issues by coordinating with local governments to shorten collection times and enhance collection efforts [1] - Despite an increase in accounts receivable in the first half of 2025, the situation is expected to improve due to local government debt resolution policies [1] Operational Highlights - As of June 30, 2025, the annualized contract amount for integrated sanitation services reached 2.475 billion yuan, with a total contract amount of approximately 28.63 billion yuan [2] - The water services segment includes 30 wastewater projects with a design capacity of 2.2073 million tons per day, and 3 water supply projects with a design capacity of 535,000 tons per day [2] - The company is focusing on stable operations, innovation, and development, while also promoting regional project cooperation and accelerating the application of new technologies [2] Shareholder Structure - The company currently has no controlling shareholder, with Tianfu Qingyuan (formerly Tsinghua Holdings) being the largest shareholder, holding 8% of the shares [2] - As of August 30, 2025, the total number of shareholders is 76,134 [2]

Group 1 - The stock of Junxin Environmental Co., Ltd. increased by 2.43% on August 28, with a trading volume of 366 million yuan [1] - On the same day, the financing buy amount was 30.18 million yuan, while the financing repayment was 40.16 million yuan, resulting in a net financing outflow of 9.98 million yuan [1] - As of August 28, the total financing and securities lending balance for Junxin was 162 million yuan, which is 4.93% of its market capitalization and above the 90th percentile of the past year [1] Group 2 - Junxin Environmental Co., Ltd. was established on September 22, 2011, and went public on April 13, 2022, focusing on waste incineration power generation, sludge disposal, leachate treatment, and landfill operations [2] - The company's revenue composition includes: construction services (34.43%), waste incineration and power generation (24.99%), sludge treatment (22.85%), and other services [2] - For the first half of 2025, Junxin reported a revenue of 1.478 billion yuan, a year-on-year increase of 33.07%, and a net profit of 400 million yuan, up 49.23% year-on-year [2] Group 3 - Since its A-share listing, Junxin has distributed a total of 1.349 billion yuan in dividends, with 1.245 billion yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders include new entrants such as E Fund Value Growth Mixed Fund and Southern CSI 1000 ETF, while some previous shareholders have exited the top ten list [3]

Group 1 - The fund aims to closely track the benchmark index with a target of keeping the average tracking deviation within 0.35% daily and annual tracking error within 4% [2][3] - The fund employs a passive index investment strategy, constructing an investment portfolio based on the benchmark weights of the constituent stocks [2][3] - The fund's performance is benchmarked against the China Securities Environmental Protection Industry Index return rate multiplied by 95% plus the after-tax commercial bank demand deposit rate multiplied by 5% [2][3] Group 2 - As of June 30, 2025, the fund's A class shares reported a net value growth rate of -3.43%, while the benchmark growth rate was -4.94% [3][9] - The fund's C class shares had a net value growth rate of -3.57%, and the I class shares reported -1.90% [3][9] - The fund's total net asset value at the end of the reporting period was significantly impacted by market conditions, with the overall performance lagging behind major indices [7][9] Group 3 - The fund's investment strategy includes adjustments based on changes in the benchmark index's constituent stocks and their weights, as well as liquidity analysis of the stocks [2][3] - The fund can invest in government bonds with maturities of less than one year and may also utilize financial derivatives such as stock index futures for risk management [2][3] - The fund's management emphasizes compliance with regulations and fair trading practices, ensuring that all investment portfolios are treated equitably [7][8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 安徽海螺水泥股份有限公司 ANHUI CONCH CEMENT COMPANY LIMITED （在中華人民共和國註冊成立之股份有限公司） （股份代號：00914） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作出。 茲載列安徽海螺水泥股份有限公司在上海證券交易所網站刊登的《2025 年半年度報 告》，僅供參閱。 承董事會命 安徽海螺水泥股份有限公司 聯席公司秘書 虞水 中國安徽省蕪湖市 二零二五年八月二十六日 截至此公告日，本公司董事會成員包括 (i) 執行董事楊軍先生、朱勝利先生、李群峰 先生、虞水先生及吳鐵軍先生； (ii) 獨立非執行董事屈文洲先生、何淑懿女士及韓旭 女士； (iii) 職工董事凡展先生 安徽海螺水泥股份有限公司 Anhui Conch Cement CompanyLimited （A股：600585 H股：00914） 2025 ...

Group 1 - The core index, the China Securities Environmental Industry 50 Index, rose by 2.6% to 1876.65 points with a trading volume of 78.228 billion yuan [1] - Over the past month, the China Securities Environmental Industry 50 Index increased by 3.95%, by 11.85% over the last three months, and by 3.12% year-to-date [2] - The index reflects the overall performance of listed companies involved in resource management, clean technology and products, and pollution management [2] Group 2 - The top ten weighted companies in the index include: Sungrow Power Supply (7.06%), TBEA (5.13%), CATL (5.04%), LONGi Green Energy (4.94%), EVE Energy (4.31%), Three Gorges Energy (4.3%), China National Nuclear Power (4.18%), Tongwei Co. (4.1%), Yangtze Power (4.03%), and GEM Co. (2.54%) [2] - The market share of the index's holdings is 51.11% from Shenzhen Stock Exchange, 48.33% from Shanghai Stock Exchange, and 0.56% from Beijing Stock Exchange [2] - The industry composition of the index's holdings shows that 75.79% is in the industrial sector and 24.21% in public utilities [2] Group 3 - The index samples are adjusted every six months, specifically on the next trading day after the second Friday of June and December [3] - Public funds tracking the Environmental 50 Index include: Guotai CSI Environmental Industry 50 ETF Link A, Guotai CSI Environmental Industry 50 ETF Link C, Guotai CSI Environmental Industry 50 ETF Link E, and Guotai CSI Environmental Industry 50 ETF [3]