2025年11月20日，天津创业环保集团股份有限公司2025年第三季度业绩说明会在全景网顺利举行。出席 本次业绩说明会的人员有创业环保 代总经理张健、创业环保 总会计师聂艳红、创业环保 董事会秘书齐 丽品、创业环保 董事王永威、创业环保 董事安品东、创业环保 独立董事薛涛。 根据全景数据后台统计，在今天的交流过程中，来自全国多个省、市地区的投资者共向上市公司提问14 个，公司嘉宾共回答问题14个，答复率100.00%，充分实现了上市公司与投资者的良好互动。 以下为业绩说明会问答实录： 1、问：公司2025年三季度末长期应收款51.6亿元，常年居高不下，有何具体措施和进展。【征集问 题】 回答：您好！公司管理层对应收账款问题高度重视，认真研究，多举措努力解决应收账款问题。公司认 真研究多种措施，包括但不限于现金回款、探索厂网一体化、延长特许经营期及适合上市公司发展的潜 在项目资产的注入。感谢您的关注！ 2、问：公司是否有合并的发展规划？未来污水处理价格是否上调？【征集问题】 回答：您好！公司目前积极探索扩大市场占有率的可能性，污水处理价格一般根据特许经营协议进行调 价，感谢您的关注！ 3、问：您好：第三轮第五批 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][23]. Core Insights - The report highlights that the implementation of new PPP regulations is expected to improve the repayment of existing projects [1]. - The construction sector has shown a week-on-week increase of 1.61%, underperforming compared to the Shanghai Composite Index which increased by 3.49% [3][4]. - The report identifies ecological landscaping as the best-performing sub-industry with a weekly increase of 7.53% and an annual increase of 40.00% [6][9]. Industry Performance - The construction industry experienced a weekly increase of 1.61%, lagging behind major indices such as the Shanghai Composite Index (+3.49%) and the Shenzhen Component Index (+4.57%) [3][4]. - The top three sub-industries for weekly performance were ecological landscaping (+7.53%), infrastructure private enterprises (+3.85%), and infrastructure state-owned enterprises (+3.13%) [6][9]. - Year-to-date, ecological landscaping leads with a 40.00% increase, followed by design consulting (+26.66%) and infrastructure private enterprises (+25.15%) [6][9]. Key Company Updates - Jianfa Heceng reported a 7.67% year-on-year increase in revenue for the first half of 2025, with a net profit increase of 32.33% [14]. - China Chemical signed new business contracts worth 224.845 billion yuan from January to July 2025, reflecting a year-on-year growth of 4.38% [14][15]. - The report notes significant revenue changes among various companies, with some experiencing substantial growth while others faced declines [15][16]. Market Trends - The report emphasizes the importance of government support for ongoing projects and the need for policy reinforcement to ensure smooth operations of existing projects [11]. - The construction sector is expected to gain momentum as regional investments align with national strategic layouts, providing potential for significant growth [3][11]. Stock Performance - The report lists the top-performing stocks, with Yuanlin Co. leading with a weekly increase of 61.09%, followed by Pudong Construction (+19.89%) and Gaoxin Development (+18.58%) [10][12]. - Conversely, stocks such as Suzhou Planning and Daqian Ecology saw declines of 12.35% and 9.15%, respectively [10][12]. Valuation and Earnings Forecast - The report provides a detailed valuation table for key companies in the construction sector, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 to 2026 [18]. - Companies like China Railway and China Chemical are highlighted with specific EPS and PE metrics, showcasing their expected financial performance [18].