Core Viewpoint - Jiangsu Zhongsheng High-Tech Environmental Co., Ltd. has successfully completed the registration changes regarding its address, business scope, and articles of association, which were approved during the annual shareholders' meeting held on June 16, 2025 [1][2]. Group 1: Business Registration Changes - The company has changed its registered address from "Yixing City, Xushe Town, Jingtang Industrial Concentration Zone" to "Yixing City, Xushe Town, Tengfei Road" [1]. - The business scope has been expanded to include construction engineering, inspection and testing services, surveying services, indoor environment testing, urban domestic waste management, and hazardous waste management, among others [1][2]. - The company has obtained a new business license issued by the Wuxi Data Bureau reflecting these changes [1]. Group 2: Articles of Association Amendments - The company has revised its articles of association to align with the new business scope and registration details, with no substantial differences from the previous version approved at the shareholders' meeting [2]. - The adjustments made to the articles of association were in accordance with the normative requirements of the Jiangsu Provincial Market Supervision Administration [2]. Group 3: Other Information - The full text of the revised articles of association is available on the company's official disclosure platform [2].

Summary of Key Points Core Viewpoint - The company has completed the cancellation of repurchased shares, resulting in a reduction of registered capital and total share capital, which has been officially registered with the relevant authorities [1][2]. Group 1: Company Capital Changes - The company held a board meeting on April 16, 2025, and a shareholder meeting on May 23, 2025, to approve the change in registered capital and amendments to the company’s articles of association [1]. - Following the cancellation of 3,289,951 repurchased shares, the registered capital decreased from 429,496,165 RMB to 426,206,214 RMB, and the total share capital reduced from 429,496,165 shares to 426,206,214 shares [1]. - The company has completed the business registration change and received a new business license reflecting the updated registered capital [2]. Group 2: Business License and Operations - The new registered capital is now recorded as "肆亿贰仟陆佰贰拾万陆仟贰佰壹拾肆元" [2]. - Other registration details in the business license remain unchanged, and the company continues to operate in various sectors including environmental governance and investment management [2].

卫星化学：上半年净利润预增31.32%-53.20% 7月15日晚，卫星化学（002648）发布2025年半年度业绩预告，公司预计上半年实现归属于上市公司股 东的净利润27亿元至31.5亿元，同比增长31.32%-53.20%；预计实现扣除非经常性损益后的净利润28.52 亿元至33.02亿元，同比增长27.65%-47.79%。 资料显示，卫星化学成立于2005年8月，主营业务是(聚)丙烯、丙烯酸及酯、乙二醇、环氧乙烷、环氧 丙烷和聚乙烯等产品的生产和销售。 所属行业：基础化工–化学原料–其他化学原料 中国核建：累计新签合同871.49亿元 7月15日晚，中国核建（601611）发布公告称，截至2025年6月，公司累计实现新签合同871.49亿元，累 计实现营业收入531.84亿元。 资料显示，中国核建成立于2010年12月，主营业务是核电工程建设及工业与民用工程建设。 所属行业：建筑装饰–基础建设–基建市政工程 资料显示，怡球资源成立于2001年3月，主营业务是利用所回收的各种废旧铝资源，进行分选、加工、 熔炼等工序，生产出再生铝合金产品。 所属行业：有色金属–工业金属–铝 光库科技：上半年净利润预增60 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve a net profit of approximately 970 million yuan for the first half of 2025, representing a year-on-year increase of about 9.0% [1] - The increase in profit is attributed to the consolidation of Guangdong Feng Environmental Protection and ongoing cost reduction and efficiency improvement measures [1] - The company has a strong market presence with significant operational capacity in waste incineration and power generation [2] Summary by Sections Financial Performance - The company forecasts a net profit of 2.126 billion yuan for 2025, with a year-on-year growth rate of 27.8% [5] - The earnings per share (EPS) is projected to be 2.61 yuan for 2025, with a price-to-earnings (P/E) ratio of 9.4 [5] Market Position - Guangdong Feng Environmental Protection has signed 35 waste incineration power generation projects with a total processing capacity of 53,000 tons per day, enhancing the company's market share [2] - The company has a total of 36,000 tons per day in hand orders for waste incineration power generation, with 31,000 tons per day already in operation [2] Operational Efficiency - The company has achieved a capacity utilization rate of approximately 115% for its waste incineration power generation projects, despite a 2.2% decrease in waste incineration volume [3] - The company has signed agreements for external heating services for 17 waste incineration projects, with 12 already operational, resulting in a 58.9% year-on-year increase in external heating volume [3] Capital Expenditure and Dividends - Capital expenditures are expected to decline, with fixed asset capital expenditures of approximately 373 million yuan in the first quarter of 2025, down by about 100 million yuan year-on-year [4] - The reduction in capital expenditure is anticipated to support an increase in dividend levels [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has successfully completed trial production of its innovative mixed waste plastic resource utilization project, marking a significant milestone in addressing global plastic pollution [1][2] - The proprietary CPDCC technology developed by the company allows for high yield and efficient processing of mixed waste plastics, achieving a product yield of over 92% [1][2] - The project has the potential to significantly impact the chemical industry by converting waste plastics into high-value chemical raw materials, with the possibility of replacing 100 million tons of crude oil annually in China [2] Financial Summary - Revenue projections for 2025-2027 are estimated at 1.77 billion, 2.75 billion, and 4.20 billion yuan respectively, with corresponding net profits of 170 million, 500 million, and 880 million yuan [3] - The company is expected to experience substantial growth, with a projected revenue growth rate of 53.7% in 2025 and 53.0% in 2027 [4] - The company's P/E ratios are projected to decrease from 278.4 in 2025 to 54.4 in 2027, indicating improving profitability [3][4]

Group 1 - The stock price of Green Power (601330) closed at 7.63 yuan as of July 11, 2025, reflecting a 1.33% increase from the previous week's closing price of 7.53 yuan [1] - The highest intraday price reached 7.76 yuan on July 8, 2025, while the lowest intraday price was 7.52 yuan on July 7, 2025 [1] - The current total market capitalization of Green Power is 10.632 billion yuan, ranking 18th out of 105 in the environmental governance sector and 1577th out of 5149 in the A-share market [1] Group 2 - Green Power submitted a securities change monthly report as of June 30, 2025, indicating no changes in the legal/registered share capital [2][3] - The number of H-shares and A-shares remains unchanged at 404,359,792 shares and 989,093,251 shares, respectively, with a par value of 1 yuan per share [2][3] - The total issued amount of the A-share convertible bonds is 2.359873 billion yuan, with no changes this month, and the conversion price is set at 9.35 yuan [2][3]

Summary of Key Points Core Viewpoint - The recent announcements from Zhongzai Environmental highlight significant government subsidies that will positively impact the company's financial performance in 2025 [1]. Company Announcements - Zhongzai Environmental's wholly-owned subsidiary, Zhongzai Sheng (Huanggang) Resource Recycling Co., received a government subsidy of 14.03 million yuan, which accounts for 62.43% of the company's audited net profit attributable to shareholders for the year 2024 [1]. - The Ministry of Finance has allocated a special fund of 5 billion yuan for the treatment of waste electrical and electronic products in 2025, with 501 million yuan designated for the company's 11 waste appliance processing enterprises [1].

Group 1 - CITIC Construction Investment has received approval from the China Securities Regulatory Commission to issue perpetual subordinated bonds with a total face value of no more than 20 billion yuan [1] - Bluefocus Technology has received a loan commitment of up to 900 million yuan from CITIC Bank for stock repurchase [1] - Huaren Pharmaceutical's subsidiary has received approval for the listing of Bumetanide raw materials, which are used to treat severe heart failure and hypertension emergencies [3] Group 2 - Betta Pharmaceuticals has received approval for the listing of Enasidenib capsules in Macau, aimed at treating ALK-positive locally advanced or metastatic non-small cell lung cancer [4] - Juewei Food plans to use 110 million yuan of idle fundraising for cash management, with an expected annual yield of 1.00%-1.89% [6] - China Huadian has successfully completed the issuance of 1 billion yuan medium-term notes with a coupon rate of 1.95% [9] Group 3 - Fosun Pharma's subsidiary has received a GMP certificate from the Belgian Federal Agency for Medicines and Health Products for the production facilities of two monoclonal antibodies [11] - China Nuclear Engineering has signed a civil engineering contract for the Taishan Nuclear Power Units 3 and 4 [13] - Kanglongda has faced administrative regulatory measures from the Zhejiang Securities Regulatory Bureau due to the failure of performance commitment parties to fulfill compensation obligations [15] Group 4 - Gaoling Information has received three invention patent certificates in the second quarter, covering various technological fields [16] - Weimais plans to use 190 million yuan of excess fundraising to increase capital in its subsidiary for building a new energy vehicle powertrain production base [17] - Huazhong Technology has received a project designation notice from a leading eVTOL manufacturer for the development and supply of an intelligent cockpit multimedia display system [19] Group 5 - Madi Technology expects a net profit of 25 million to 27 million yuan for the first half of 2025, marking a turnaround from a loss in the previous year [19] - Dazhong Mining's subsidiary has obtained a mining license for the Zhouyoufang Iron Mine, increasing production capacity to 6.5 million tons per year [20] - Zhongguancun's subsidiary has had its application for the listing of Arolol hydrochloride tablets accepted by the National Medical Products Administration [21] Group 6 - Tianhong Co. has signed a property management contract worth 15 million yuan with a local company [22] - Dong'an Power has secured nine new market designation agreements in the second quarter, with a projected total sales volume of 1.5 million units [24] - Zhujiang Co. has appointed Zhao Kun as the new deputy general manager [25] Group 7 - Jinyi Industrial has won a bid for a project worth 335 million yuan from the China Railway Shanghai Bureau Group [26] - Kangchen Pharmaceutical has received a clinical trial notification for its innovative drug KC1086, aimed at treating advanced solid tumors [27] - Changhua Group has received a project designation notice from a new energy vehicle company, with an expected total sales amount of 970 million yuan [29] Group 8 - Lingxiao Pump Industry plans to use 60 million yuan of idle funds to purchase financial products [31] - Mould Technology has received a project designation for exterior parts from a well-known North American electric vehicle company, with an expected total sales of 1.236 billion yuan [34] - Fulongma has pre-bid for five sanitation service projects in June, with a total contract amount of 181 million yuan [35] Group 9 - Changchun High-tech plans to issue H-shares and list on the Hong Kong Stock Exchange [36] - *ST Yuancheng is under investigation by the CSRC for suspected false financial disclosures [37] - Beilu Pharmaceutical's subsidiary has received approval for the listing of Iopamidol raw materials [38] Group 10 - Zhejiang Liming's shareholder plans to reduce their stake by up to 2.93% [39] - Zhejiang Liming's actual controller has committed not to reduce their holdings within a year [40] - SAIC Motor reported a total vehicle sales of 2.0526 million units in the first half of 2025, a year-on-year increase of 12.35% [41] Group 11 - Xinhongcheng expects a net profit increase of 50%-70% for the first half of 2025 [42] - Xianhe Co. plans to invest 11 billion yuan in a bamboo pulp paper integrated project [42] - Great Wall Motors reported a total vehicle sales of 569,800 units in the first half of 2025, a year-on-year increase of 1.81% [43] Group 12 - Dongfeng Co. received a government subsidy of 10 million yuan [44] - Zhongke Environmental Protection has acquired two water environmental companies in Guangxi for a total of 353 million yuan [45] - Anji Food's H-share public offering is priced at 60 Hong Kong dollars per share [46]

Market Overview - In June 2025, the stock market experienced an overall rise due to the easing of Middle Eastern tensions and multiple thematic catalysts, while bond market interest rates declined [4][7] - The average parity of convertible bonds reached a near-high level, with significant valuation increases for bond-like convertible bonds [5][7] - The China Securities Convertible Bond Index closed at 442.1 points on June 27, marking a 2.68% increase for the month [7] Convertible Bond Market Analysis - As of June 27, the arithmetic average parity of convertible bonds was 103.14 yuan, up 3.77% from the previous month, placing it in the 98th percentile since 2023 [7][23] - The average conversion premium rate for bonds in the price range of 90 to 125 yuan was 21.13%, also in the 48th percentile for 2023 [7][23] - The average yield to maturity (YTM) for bond-like convertible bonds fell below zero, indicating a shift in market sentiment [7][29] Recommended Convertible Bonds - The "Top Ten Convertible Bonds" for July 2025 include: - **Shenzhen Gas Convertible Bond (113067.SH)**: High balance and stable profitability, rated AAA [31][32] - **Hongcheng Convertible Bond (110077.SH)**: Stable operations and high dividend payout, rated AA+ [31][43] - **Weir Convertible Bond (113616.SH)**: Strong growth in consumer electronics and automotive sectors, rated AA+ [31][55] - **Jingce Convertible Bond (123176.SZ)**: Urgent need for domestic semiconductor testing equipment, rated AA- [31][66] - **Haoyuan Convertible Bond (118051.SH)**: Recovery trend in innovative drug development, rated AA- [31][79] - **Huakang Convertible Bond (111018.SH)**: Leading position in functional sugar alcohols, rated AA- [31][90] - **Bohai Convertible Bond (113069.SH)**: Steady growth in special alloy materials, rated AA [31][101] - **Dongcai Convertible Bond (113064.SH)**: Increased demand for high-frequency resin materials driven by AI server construction, rated AA [31][113] Industry Insights - The gas industry, represented by Shenzhen Gas, is experiencing steady growth in natural gas sales, with a 5.06% year-on-year increase in supply volume [36] - The environmental governance sector, led by Hongcheng Environment, shows stable revenue growth from water supply and treatment services, with a focus on expanding its business footprint [46] - The semiconductor industry, highlighted by Weir Group, is benefiting from increased demand in automotive electronics and consumer electronics, with significant revenue growth projected [58] - The healthcare sector, represented by Haoyuan Pharmaceutical, is positioned to capitalize on the recovery of innovative drug research and development [82]

证券代码：603588 证券简称：高能环境 公告编号：2025-045 北京高能时代环境技术股份有限公司 2025年第二次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年6月30日 (二)股东大会召开的地点：北京市海淀区秋枫路36号院1号楼高能环境大厦会议室 (三)出席会议的普通股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，采取现场和网络投票相结合的方式召开，经公司半数以上董事推举，会议 由公司董事胡云忠先生主持。本次会议的召集、召开及表决方式均符合《公司法》及《公司章程》的有 关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人，出席1人，董事长李卫国先生、副董事长刘泽军先生、董事凌锦明先生、陈望明 先生、吴秀姣女士、独立董事徐盛明先生、王竞达女士、刘力女士由于工作原因未能出席，李卫国先生 委托 ...