专题：2025分析师大会：资本市场"奥斯卡"启幕 【相关阅读】第七届新浪财经金麒麟最佳分析师荣誉榜 第七届新浪财经金麒麟最佳分析师荣誉榜出炉，环保行业第一名为广发证券郭鹏团队。 新浪财经整理郭鹏最新观点如下： 广发证券-环保行业深度跟踪："十五五"低碳时代，看好固废、循环再生-251026 核心观点： 建议关注：瀚蓝环境、上海实业控股、山高环能、朗坤科技、海螺创业、创业环保、大地海洋、永兴股 份、久吾高科等。 加快绿色转型、实现碳达峰，重视垃圾焚烧、循环再生等方向。10月23日四中全会公报公布，明确：加 快经济社会发展全面绿色转型，建设美丽中国，并且以碳达峰碳中和为牵引，协同推进降碳、减污、扩 绿、增长；要持续深入推进污染防治攻坚和生态系统优化，加快建设新型能源体系，积极稳妥推进和实 现碳达峰。习总书记上个月向全世界宣布了中国新一轮国家自主贡献目标，此次《建议》提出加快全面 实现绿色转型要以碳达峰碳中和目标为牵引，加快推进4方面举措：（1）加快构建实施碳排放总量和强 度双控制度，稳步实施地方碳考核、行业碳管控、企业碳管理、项目碳评价、产品碳足迹等制度； （2）加快能源绿色低碳转型；（3）加快产业结构绿色低碳转 ...

报告摘要 核心观点: 股市有风险 入市需谨慎 2025年11月29日 证券研究报告|策略研究|策略点评 重要政策时间窗口前的布局期 请务必阅读正文之后的免责声明部分 联系地址：北京市朝阳区望京街道望京东园四区2号楼中航产融大厦 中航证券有限公司 公司网址：www.avicsec.com 联系电话: 010-59219558 传真：010-59562637 证券研究报告 中航证券研究所发布 作者 | 董忠云 | 分析师 | | --- | --- | | SAC 执业证书：S0640515120001 | | | 联系电话：010-59562478 | | | 邮箱：dongzy@avicsec.com | | | 刘庆东 | 分析师 | | SAC 执业证书：S0640520030001 | | | 联系电话：010-59219572 | | | 邮箱：liuqd@avicsec.com | | | 王警仪 | 分析师 | | SAC 执业证书：S0640525100001 | | | 联系电话: | | | 邮箱：wangjybj@avicsec.com | | | 李博伦 | 分析师 | | SAC 执业 ...

Group 1 - The core point of the article highlights that on November 28, shareholders of Huige Environmental (02613) deposited stocks into Galaxy Securities Hong Kong, with a market value of HKD 25.466 million, accounting for 9.10% of the total [1] - Huige Environmental announced that Deloitte Touche Tohmatsu has resigned as the company's auditor, effective from November 7, 2025, due to a failure to reach an agreement on the audit fees for the consolidated financial statements for the fiscal year ending December 31, 2025 [1]

Core Viewpoint - In November, the high dividend sector continued to perform relatively well, driven by its defensive attributes amid declining market risk appetite due to factors such as overseas AI debates, tightening liquidity, and geopolitical disturbances [2][3] Market Overview - The current all-A ERP is near the rolling 5-year average, indicating a potential stabilization in market conditions [1] - High dividend sectors, particularly banks and oil & petrochemicals, showed strong performance this month [1] Investment Strategy - Looking ahead to December, there is an expectation for a recovery in market risk appetite, supported by a decline in long-term U.S. Treasury yields and the U.S. dollar index [1][3] - The marginal value of high dividend sector allocation has decreased compared to November, suggesting a need for selective investment in "anti-involution" cyclical high dividend stocks and some potential high dividend varieties [1][3] Sector-Specific Insights - **Insurance Sector**: The insurance dividend strategy is transitioning to a 2.0 phase, focusing on selective investments due to declining cash yields and challenges from rising valuations and falling dividend yields [4] - **Transportation**: The sector has seen a recovery in truck demand since Q3, with recommendations for stocks that have experienced significant declines [5] - **Banking**: The stability of LPR rates is beneficial for banks, and recent stock purchases by executives have boosted market confidence [6] - **Telecommunications**: Despite slowing revenue growth, operators are improving operational efficiency and capital expenditures, positioning them well for AI-related opportunities [7] - **Oil & Petrochemicals**: The sector is expected to benefit from a recovery in raw material prices and improved demand for chemical products [8] Conclusion - The overall sentiment indicates a cautious optimism for December, with a focus on high dividend stocks that are undervalued and have strong fundamentals, particularly in cyclical sectors and essential consumer goods [3][5][6]

Group 1: Major Asset Restructuring Announcements - Jia Rong Technology plans to acquire 100% of Hangzhou Lanran through a combination of share issuance and cash payment, with a fundraising target of up to 1 billion yuan [2][3] - Kai Zhong Co. intends to purchase 60% of Anhui Tuosheng's equity, also through share issuance and cash payment, with the transaction expected to constitute a major asset restructuring [4][6] - Both companies' stocks will resume trading on December 1 [1][4] Group 2: Business Focus and Strategic Implications - Jia Rong Technology specializes in membrane separation technology and aims to enhance its capabilities by integrating Hangzhou Lanran's ion exchange membrane technology, thereby expanding into new markets such as lithium battery materials and biomedicine [3][4] - Anhui Tuosheng focuses on automotive rubber-based elastic damping and sealing components, which are critical for improving NVH (Noise, Vibration, Harshness) performance in vehicles, indicating a strategic move to strengthen automotive industry positioning [5][6] Group 3: Changes in Control and Shareholding - After the share transfer, the controlling shareholder of Chao Zhuo Hang Ke will change to Hubei Investment Capital, with the actual controller becoming the Hubei State-owned Assets Supervision and Administration Commission [7][8] - Hua Feng Co. will see its controlling shareholder change to Chen Yun following a share transfer agreement, with a significant portion of shares being transferred at a price of 15 yuan per share [8][9]

运载火箭能实现高频率、低成本、"航班化"往返太空吗？西北工业大学科技成果转化企业——陕西 天回航天技术有限公司，用自主研发的"红龙二号"发动机给出了肯定答案。 天回航天董事长、西北工业大学教授刘红军介绍，这款150吨级混合循环液氧甲烷发动机，创新采 用在线智能检测与航班化可重复使用设计，预计重复使用次数不少于50次，这意味着未来真正迈向太空 运输的"航班时代"。 天回航天的技术突破，正是陕西推动科技创新和产业创新深度融合的生动体现。在科技成果转 化"三项改革"等一系列政策的推动下，陕西有很多像刘红军这样的科研人员，带着科技成果走向市场， 实现技术价值与市场需求的精准对接，为培育新质生产力、实现高水平科技自立自强注入强劲动能。 改革破冰，为高效转化"护航" "过去，我们手里握着技术专利，却因为'不敢转、不愿转、缺钱转'，只能让成果'躺'在实验室 里。"11月30日，陕西科技大学教授牛育华回忆起曾经的困境，感慨万千。 这样的困境，在陕西高校和科研院所中并不少见。陕西高校、科研机构众多，但长期以来，不少科 研人员手握专利技术，却被转化难题挡在市场大门外。 2022年，陕西以体制机制改革为突破口，在全省高校院所开展职 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the industry [5]. Core Insights - Molten salt energy storage is pivotal in transforming coal power from a base-load to a flexible power source, addressing the challenges posed by the increasing share of renewable energy and peak load pressures in the power system [1][16]. - The National Development and Reform Commission and the National Energy Administration have set requirements for coal power efficiency, including reducing minimum output for deep peak shaving to 20% and enhancing load change rates [1][16]. - The molten salt storage technology, particularly steam heating, is currently the mainstream approach due to its high compatibility with thermal power plants and engineering maturity [2][26]. Summary by Sections 1. Special Research - Molten salt energy storage aids in the transition of coal power to a flexible power source, overcoming the "heat determines electricity" dilemma [1][16]. - The technology's core is "thermal-electrical decoupling," allowing for energy storage during low demand and release during peak demand [1][16][22]. - The report highlights the successful operation of the Guoneng Suzhou power plant's molten salt storage project as a replicable model for coal power flexibility transformation [1][25]. 2. Market Information Tracking - Electricity prices in Jiangsu and Guangdong for December 2025 are reported at 339.58 RMB/MWh and 372.33 RMB/MWh, respectively, indicating a decrease in Jiangsu and a slight increase in Guangdong compared to benchmark prices [4][39]. - The average price of thermal coal in the Bohai Rim region is reported at 698 RMB/ton, remaining stable [41]. - The report notes a decline in natural gas prices, with Dutch TTF futures at 29 EUR/TWh and China's LNG at 11 USD/MMBtu [43][45]. 3. Industry Dynamics - The report emphasizes the significant growth in renewable energy installations, with a total capacity of 2.22 billion kW, accounting for nearly 60% of the national total [8]. - The introduction of new pricing mechanisms for electricity transmission and distribution aims to support the efficient utilization of renewable energy and reduce system operation costs [9]. - The ecological environment ministry's carbon emissions trading plan aims to incentivize advanced practices and penalize laggards in key industries [10]. 4. Investment Portfolio and Recommendations - The report suggests focusing on coal power companies with high price elasticity, such as Huaneng International and Huadian International, due to expected improvements in profitability [11]. - For hydropower, the report is optimistic about the fourth quarter outlook, recommending attention to companies like Yangtze Power and Sichuan Investment Energy [11]. - The report also highlights the potential for independent energy storage and virtual power plants under market-driven electricity pricing [12].

今年上半年绍兴上市公司 占全市规上工业企业相关指标的比例 2023年12月，古越龙山黄酒产业园一期项目建成投产 古越龙山 黄酒产业园一期项目 华纬科技悬架弹簧 自动化生产线 芯联集成晶圆 芯联集成产线 今日绍兴 酒是时间的艺术、时间的产物，古越龙山的中央酒库储藏着1100多万坛、约26万吨原酒，这是古越龙山 最宝贵的财富。 ——古越龙山 董事长孙爱保 制造业成长无捷径，要不断打磨技术，抓住产业机遇，突破边界。 ——华纬科技 董事长金雷 2026年，我们的目标是迈过百亿元规模；2029年，我们的目标是成为中国最大的功率和模拟芯片研发及 大生产基地。 ——芯联集成 放诸改革开放47年的历史坐标，绍兴最显著的产业故事之一，就是在"一匹布上织出了锦绣大潮"。如 今，作为金名片的绍兴纺织产业，仍在书写"布满全球"的大文章；更多的战略性新兴产业则拔节生长， 共同"编织"绍兴现代化产业体系的经纬。 从数据看，"十四五"期间，绍兴市GDP总量接连跨越七千亿元、八千亿元大关，经济增速连续四年稳居 全省前三。一批优强企业脱颖而出登陆资本市场，资本市场"绍兴板块"市值突破万亿元，牵引区域经济 进阶向新。 从动能看，充满活力的县域经 ...

公告显示，此次组织架构调整议案经公司董事会审议通过，体现了公司对内部管理优化的重视。据了 解，中电环保此次调整组织架构的核心目标包括三方面：一是通过优化管理链条，减少管理层级，提升 决策与执行效率；二是整合内部资源，强化各业务板块协同效应，增强整体运营能力；三是为公司未来 业务拓展预留管理空间，支持战略规划落地。 登录新浪财经APP 搜索【信披】查看更多考评等级 中电环保股份有限公司（证券代码：300172，证券简称：中电环保）于2025年11月28日发布公告称，公 司第七届董事会第一次会议审议通过《关于调整公司组织架构的议案》，决定对公司组织架构进行调 整，旨在进一步优化管理组织架构，提升经营管理水平和运营效率，以适应公司未来业务发展需要。 公司在公告中表示，调整后的组织架构图示已随公告正式披露，投资者可通过公司公告附件查看具体架 构情况。董事会认为，本次组织架构调整符合公司当前发展阶段的实际需求，有助于提升公司整体运营 效率，对公司长期发展具有积极意义。 作为环保领域的重要企业，中电环保此次组织架构调整被业内视为其应对行业竞争、深化战略布局的重 要举措。市场分析人士指出，合理的组织架构是企业高效运营的基础 ...

Core Viewpoint - Shenzhen Energy announced the convening of its 41st board meeting on November 28, 2025, to review the proposal for amending the "Board Secretary Work System" [1] Group 1: Company Financials - For the first half of 2025, Shenzhen Energy's revenue composition was as follows: electricity accounted for 62.18%, environmental protection for 18.52%, gas for 13.65%, and other industries for 5.64% [1] - As of the report date, Shenzhen Energy's market capitalization was 31.7 billion yuan [1]