Core Viewpoint - The report from Cinda Securities highlights the increasing demands for environmental quality and low-carbon industrial development during the 14th Five-Year Plan, indicating that energy conservation, environmental protection, and resource recycling are expected to maintain high prosperity levels [1] Group 1: Market Performance - As of June 6, the environmental protection sector rose by 0.46%, underperforming the broader market; the water governance sector increased by 1.38%, while the waste incineration sector declined by 0.31% [2] - The air governance sector saw an increase of 1.01%, while the solid waste sanitation sector dropped by 6.55% [2] Group 2: Industry Dynamics - The Ministry of Ecology and Environment released the "2024 China Ecological Environment Status Bulletin," indicating continuous improvement in national ecological environment quality, with an increase in the proportion of days with good air quality and a decrease in heavy pollution days [2] - A joint implementation plan for ecological protection compensation mechanisms along major rivers was announced, aiming for a stable operation by 2027 and comprehensive coverage by 2035 [2] Group 3: Policy Developments - The National Development and Reform Commission and the National Energy Administration issued a notice promoting the development of green electricity direct connection, which supports the integration of renewable energy production and consumption [3] - This policy is expected to optimize grid allocation and facilitate collaboration between waste incineration power generation and data centers, with several environmental companies actively exploring this new model [3] Group 4: Recommended Companies - Key recommendations include: Huanlan Environment (600323.SH), Xingrong Environment (000598.SZ), and Hongcheng Environment (600461.SH) for their stable profitability and positive cash flow [1] - Companies to watch include: Wangneng Environment (002034.SZ), Junxin Co., Ltd. (301109.SZ), Wuhan Holdings (600168.SH), and others [1]

证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交3.28亿元，其中，买入成交额为1.31亿 元，卖出成交额为1.97亿元，合计净卖出6651.18万元。 具体来看，第一大买入营业部及卖出营业部均为国泰海通证券股份有限公司总部，买入金额为2833.66 万元，卖出金额为4643.19万元。 福龙马(603686)今日下跌9.65%，全天换手率31.92%，成交额21.67亿元，振幅9.46%。龙虎榜数据显 示，营业部席位合计净卖出6651.18万元。 上交所公开信息显示，当日该股因日换手率达31.92%、日跌幅偏离值达-10.08%上榜，营业部席位合计 净卖出6651.18万元。 （文章来源：证券时报网） 4月29日公司发布的一季报数据显示，一季度公司共实现营业收入11.64亿元，同比下降1.75%，实现净 利润6349.03万元，同比下降2.37%。（数据宝） 福龙马6月4日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 国泰海通证券股份有限公司总部 | 2833. ...

Core Viewpoint - The company has approved a share repurchase plan to enhance employee incentives and shareholder value through the buyback of its A-shares, with a total amount ranging from RMB 200 million to RMB 300 million and a maximum repurchase price of RMB 9.25 per share [1][2]. Group 1: Share Repurchase Plan - The company convened the 9th temporary meeting of the 10th board of directors on April 10, 2025, to approve the share repurchase plan [1]. - The repurchase will utilize both self-funds and a special loan from a bank, specifically for the purpose of implementing employee stock ownership plans [1]. - The repurchase period is set for 12 months from the date of board approval [1]. Group 2: Progress Update - As of May 31, 2025, the company has not yet conducted any share repurchases through the designated securities account [2]. - The company has signed a loan agreement with China Construction Bank for the share repurchase [2]. - Future repurchases will be executed based on market conditions within the specified timeframe, with timely disclosures to investors as required by regulations [2].

Summary of Key Points from Conference Call Records Industry Focus - The discussion centers around the waste management and renewable energy sectors, particularly focusing on waste-to-energy (WTE) technologies and the integration of green electricity with waste management practices [1][2]. Core Insights and Arguments - Recent policy developments from two ministries encourage the direct connection of green electricity, including biomass and waste incineration, promoting local consumption and increasing self-use ratios to at least 35% by 2030 [1][2]. - Waste incineration is highlighted as a unique renewable energy source with advantages such as: 1. Stable power generation with annual utilization hours exceeding 7000 [2]. 2. Proximity to urban areas, offering ample land at lower costs [2]. 3. Minimal barriers for direct connections, with high procurement costs from the grid [2]. - Companies in the sector are accelerating their collaborative layouts in data centers (IDC), with improvements in profitability, cash flow, and increased dividends expected to drive performance and valuation [2]. - The long-term goal of self-sufficiency in research and development for scientific instruments is emphasized, suggesting a focus on foundational industries rather than short-term policy fluctuations [2][3]. Additional Important Content - Domestic companies have been enhancing their R&D and production capabilities, with some firms expected to excel in high-end development amidst this trend [3]. - The automation of sanitation services is gaining traction, with major companies accelerating their investments in this area. The potential market size for unmanned sanitation services in China could reach 280 billion yuan by 2025, with significant opportunities in the sales of autonomous cleaning vehicles [4]. - The trend towards "sanitation automation" is seen as an optimization of business models within the industry, allowing waste management companies to reduce labor intensity and expedite the integration of waste-to-energy solutions [4]. Companies to Watch - Suggested companies for investment consideration include: - 盈峰环境 (Yingfeng Environment) - 聚光科技 (Juguang Technology) - 永兴股份 (Yongxing Co.) - 瀚蓝环境 (Hanlan Environment) - 海螺创业 (Conch Venture) [1][2].

截至2025年5月30日收盘，华宏科技（002645）报收于8.11元，较上周的8.07元上涨0.5%。本周，华宏 科技5月29日盘中最高价报8.27元。5月26日盘中最低价报8.02元。华宏科技当前最新总市值47.16亿元， 在环保设备板块市值排名7/28，在两市A股市值排名3031/5146。 本周关注点 关于为全资子公司提供担保的进展公告 公司于2025年4月23日和2025年5月23日召开会议，审议通过了关于公司及子公司2025年度对外担保额度 预计的议案。近日，公司与赣州银行股份有限公司庐陵支行签署了《最高额保证合同》，为吉安鑫泰科 技有限公司向赣州银行庐陵支行申请的5000万元授信提供连带责任保证担保。截至公告披露日，公司为 合并报表范围内的子公司提供担保余额为136500万元人民币。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：北京华宏再生资源利用有限公司注册资本增至10000万元人民币。 公司公告汇总：华宏科技为全资子公司吉安鑫泰科技有限公司提供5000万元连带责任保证担保。 公司公告汇总 关于子公 ...

福龙马5月30日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 国联民生证券股份有限公司北京分公司 | 6645.56 | | | 买二 | 国泰海通证券股份有限公司成都北一环路证券营业部 | 4967.90 | | | 买三 | 中信证券股份有限公司浙江分公司 | 4802.50 | | | 买四 | 华泰证券股份有限公司镇江黄山南路证券营业部 | 4319.43 | | | 买五 | 国泰海通证券股份有限公司总部 | 2901.97 | | | 卖一 | 高盛(中国)证券有限责任公司上海浦东新区世纪大道证券 | | 6981.99 | | | 营业部 | | | | 卖二 | 国盛证券有限责任公司宁波桑田路证券营业部 | | 6795.64 | | 卖三 | 国泰海通证券股份有限公司成都北一环路证券营业部 | | 5480.96 | | 卖四 | 华泰证券股份有限公司马鞍山湖东中路证券营业部 | | 5319.09 | 卖五 国泰海通证券股份有限公司总部 5201.14 ...

Core Viewpoint - The article discusses tax incentives for companies investing in environmental protection, energy conservation, and safety production equipment, allowing them to offset 10% of the investment amount against their corporate income tax liability for the year [2][6]. Group 1: Tax Incentives Overview - Companies purchasing and using specialized equipment for environmental protection, energy conservation, and safety production since January 1, 2008, can offset 10% of the investment amount against their corporate income tax [2]. - If the tax liability for the year is insufficient to utilize the full offset, the unused portion can be carried forward for up to five tax years [4][7]. Group 2: Digital and Intelligent Transformation - From January 1, 2024, to December 31, 2027, companies can also offset 10% of the investment in digital and intelligent transformation of specialized equipment, provided the investment does not exceed 50% of the original tax basis of the equipment [6]. - Similar to the general offset, if the current year's tax liability is insufficient, the unused portion can be carried forward for a maximum of five years [7]. Group 3: Calculation Guidelines - The investment amount is defined as the total invoice price of the purchased specialized equipment, excluding refundable VAT and costs related to transportation, installation, and debugging [9]. - For VAT-inclusive invoices, if the VAT input tax is deductible, the investment amount excludes the VAT; otherwise, it includes the total amount stated on the invoice [10][11]. Group 4: Important Considerations - Companies must actually use the specialized equipment to qualify for the tax incentives [15]. - If a company transfers or leases the equipment within five tax years from the purchase or completion of the transformation, the tax benefits must be stopped, and previously offset taxes must be repaid [15]. - Investments made using government funding are not eligible for tax offsets [15]. Group 5: Documentation Requirements - Companies must retain documentation such as purchase lists, invoices, contracts for leased equipment, and proof of the equipment's actual use [16][17]. - For digital and intelligent transformation, a detailed plan or registered technical contract must be prepared and kept for record [18]. Group 6: Case Study - A company that invested 3 million (excluding tax) in intelligent transformation of environmental protection equipment in November 2024 can offset 20,000 against its tax liability based on the calculations provided [20][22][23]. Group 7: FAQs - The tax incentives for self-use purchases and digital transformation can be enjoyed simultaneously, as they do not conflict with each other [27]. - Current valid directories for tax incentives can be found in official notifications from relevant government departments [28][29]. Group 8: Legal Basis - The article references various legal documents and regulations that govern the corporate income tax incentives related to environmental protection and energy conservation equipment [31].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights that the environmental equipment sector is expected to recover driven by policy support, with specific focus on the integration of sewage treatment plants and networks [4][6] - The report indicates that the "14th Five-Year Plan" emphasizes the need for improved environmental quality and industrial green low-carbon development, which is likely to maintain high prosperity in energy-saving and environmental protection sectors [6][32] Summary by Sections Market Performance - As of May 16, the environmental sector remained flat compared to the previous week, underperforming the broader market; the Shanghai Composite Index rose by 0.76% to 3367.46 [5][8] - The water governance sector increased by 0.23%, while the water service sector decreased by 0.29%; air governance rose by 2.10% [10] Industry Dynamics - On May 15, the Central Committee and the State Council released opinions on promoting urban renewal, emphasizing the acceleration of underground pipeline construction and the establishment of a unified operation and maintenance mechanism for sewage treatment plants [23][25] - The report notes that the national carbon emissions trading market has expanded to include steel, cement, and aluminum industries, which is expected to boost the demand for carbon measurement and online monitoring systems [16][22] Investment Recommendations - The report suggests that water and waste incineration sectors, as operational assets, are expected to see stable profit growth and improved cash flow, benefiting from market reforms in public utilities [6][32] - Key recommendations include companies such as Huanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to Wangneng Environment and Junxin Co. [6][32]

Group 1 - Company received an inquiry letter from the Shanghai Stock Exchange regarding its application for a specific stock issuance on March 19, 2025 [1][2] - The company, along with relevant intermediaries, conducted a thorough study and provided responses to the inquiry letter, with further revisions made based on additional feedback from the exchange [2] - The issuance of stocks is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, with uncertainties regarding the approval timeline [2] Group 2 - The company announced the 2024 annual shareholders' meeting scheduled for June 5, 2025 [4][5] - The meeting will utilize a combination of on-site and online voting methods, with specific time slots for voting outlined [6] - Shareholders must register to attend the meeting, with detailed registration procedures provided for both institutional and individual shareholders [11][13]

Group 1: Business Expansion and Performance - The company achieved overseas business revenue of 26.804 million yuan in 2024, representing a 41.20% increase compared to the same period in 2023 [3] - The overseas market expansion has successfully entered multiple countries, including Europe, Singapore, Brazil, Colombia, Malaysia, and Vietnam [3] - The company plans to enhance its overseas sales and service network by collaborating with local enterprises and understanding market demands [3] Group 2: Technological Applications and Innovations - The company is actively exploring membrane technology applications in emerging sectors, including the new energy industry, to expand its business boundaries [2] - In the circular economy sector, the company has established a presence in the lithium battery industry, focusing on upstream cathode material production processes and associated wastewater treatment [4] - The company is engaged in technical collaborations with leading industry players for projects related to electrolyte recovery, waste acid treatment, and precious metal recovery, with most projects currently in the planning stage [4] Group 3: Strategic Responses to Market Conditions - The impact of Sino-U.S. trade tensions on the company is limited, as the revenue from U.S. operations constitutes a very small percentage of total income [3] - The company has implemented strategic stockpiling and is developing domestic alternatives for raw materials sourced from the U.S. to mitigate potential risks [3] - The company will closely monitor international political and economic changes to adjust its strategies accordingly [3]