高邮市生活垃圾焚烧发电PPP项目由天津泰达环保有限公司与高邮市国有资产投资运营有限公司共同出 资成立的高邮泰达环保有限公司（以下简称高邮泰达）投资、建设和运营。 项目位于江苏省高邮市龙虬镇朱家垃圾卫生填埋场西侧，占地120亩。一期工程总投资3.55亿元，采用 机械炉排炉焚烧工艺，配置两条350吨/日焚烧线和一台15MW汽轮发电机组；同步建设一座300吨/日的 垃圾渗滤液处理站和占地35亩的飞灰填埋场。烟气净化采用行业认可的"SNCR+旋转雾化半干法+干法 +活性炭喷射+布袋除尘"组合工艺，确保各项污染物排放指标稳定优于国家《生活垃圾焚烧污染控制标 准》（GB18485-2014），其中关键指标达到欧盟2000标准水平。高邮泰达现有员工66人，已获授权国 家发明专利4项、实用新型专利30项，并设立扬州市级企业院士工作站。 项目年处理生活垃圾约25.55万吨，年发电量约1亿千瓦时，年上网电量约0.87亿千瓦时，相当于年节约 标准煤约3.3万吨，年减少碳排放约4.5万吨。 在"双碳"目标与"无废城市"建设双重驱动下，固废处理行业正逐步从末端治理向全链条资源化转型。作 为生态环境领域的品牌企业（获中国城市环境卫生协会 ...

9月23日，朗坤科技跌2.84%，成交额1.25亿元。两融数据显示，当日朗坤科技获融资买入额1132.67万 元，融资偿还1623.70万元，融资净买入-491.03万元。截至9月23日，朗坤科技融资融券余额合计1.46亿 元。 融资方面，朗坤科技当日融资买入1132.67万元。当前融资余额1.46亿元，占流通市值的5.41%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，朗坤科技9月23日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年80%分位水平，处于高位。 资料显示，深圳市朗坤科技股份有限公司位于广东省深圳市龙岗区坪地街道高桥社区坪桥路2号13楼， 成立日期2001年1月12日，上市日期2023年5月23日，公司主营业务涉及有机固废(餐饮垃圾、厨余垃 圾、粪污、动物固废等)、城市生活垃圾的无害化处理及资源化利用,以及提供相关环境工程服务。主营 业务收入构成为：生物能源55.44%，运营服务36.69%，工程建造7.54%，其他0.34%。 截至6月30日，朗坤科技股东户数2.12万，较上期增加3.46%；人均 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.121 billion yuan, with a net profit attributable to shareholders of 719 million yuan, representing a year-on-year growth of 29.55% [3] - Total assets reached 35.658 billion yuan, an increase of 10.02% compared to the end of the previous year, with a debt-to-asset ratio of 49.22% [3] Business Segments - The environmental water service segment generated revenue of 786 million yuan, up 13.82%, maintaining a dominant position in the Zhongshan water market [3][4] - The solid waste treatment segment contributed 399 million yuan in revenue, reflecting a year-on-year increase of 14.89% [4] - The waste incineration power generation project processed 663,100 tons of waste, generating 291 million kWh of green electricity [3] Investment Strategy - The company has invested 1.5 billion yuan in a fund, with a total investment amount of 1.208 billion yuan across 27 quality projects [5] - Focus areas include AI and chips, new energy and smart connected vehicles, military industry, and adaptive robotics, aligning with national strategic emerging industries [5] Future Growth Drivers - The water service segment will continue to provide stable cash flow and profit support, with plans to expand industrial wastewater treatment in Zhongshan [6] - The solid waste segment will enhance efficiency through a comprehensive industrial chain layout and accelerate investments in new fields [6] - The company aims to innovate its new energy business model, leveraging fund synergies to promote integrated applications and develop a smart energy management system [6]

Core Viewpoint - Yunfu City has made significant progress in its "Zero Waste City" initiative, achieving various construction targets and establishing a framework for solid waste management, which promotes ecological and economic benefits [4][6][10]. Group 1: Solid Waste Management Achievements - Since the implementation of the "Zero Waste City" plan in July 2024, Yunfu has focused on five categories of solid waste management: industrial solid waste, agricultural waste, household garbage, construction waste, and hazardous waste [5]. - The city has completed 28 construction indicators and 54 system construction tasks ahead of schedule, establishing 8 key projects and 61 "zero waste cells" [6][10]. - The comprehensive utilization rate of industrial solid waste has reached 90.41%, with 100% of green mines established [18][19]. Group 2: Industrial and Agricultural Innovations - In the industrial sector, Yunfu has cultivated 2 national-level green factories and 3 provincial-level green factories, promoting green transformation in the stone and mineral industries [15][16]. - Agricultural waste management has improved, with a comprehensive utilization rate of livestock manure reaching 89.8% and straw utilization at 94.84% [21][25]. - The city has established 259 standardized livestock breeding demonstration sites and 16 organic fertilizer enterprises with an annual capacity of 580,000 tons [20][21]. Group 3: Urban Waste Management Enhancements - Yunfu has increased the resource utilization level of household waste, adding 193 waste classification collection points and achieving full coverage of classification facilities in residential and office areas [36][37]. - The city has implemented a waste collection and recycling system, with a household waste recycling rate of 35.82%, exceeding the target of 35% [41][44]. - The construction of six construction waste disposal sites has been completed, with a total disposal capacity of 299.97 million cubic meters [46]. Group 4: Future Plans and Goals - Yunfu aims to continue advancing the "Zero Waste City" initiative, focusing on the establishment of "zero waste counties" and enhancing green low-carbon transformation [82][84]. - The city plans to improve solid waste reduction, resource utilization, and harmless treatment levels to enhance urban quality and ecological standards [84].

Core Viewpoint - The company, Lude Environment, is increasing the registered capital of its subsidiary, Lude Biological Environmental Technology (Bohuzhou) Co., Ltd., from 80 million to 110 million yuan to enhance cooperation with local liquor companies and expand into the beef cattle breeding market [1][2]. Group 1: Capital Increase and Investment - Lude Environment's subsidiary, Bohuzhou Lude, plans to raise capital by introducing investors, with Bohuzhou Science and Technology Investment Fund contributing 20 million yuan and Bohuzhou Life and Health Industry Fund contributing 10 million yuan [1][2]. - After the capital increase, Bohuzhou Lude's registered capital will rise to 110 million yuan, with Bohuzhou Science and Technology Investment Fund holding 18.18% and Bohuzhou Life and Health Industry Fund holding 9.09% of the subsidiary [1][2]. Group 2: Business Strategy and Market Expansion - The capital increase aims to improve Bohuzhou Lude's operating funds and asset-liability structure while deepening cooperation with Anhui Gujing Distillery and local liquor companies for raw material supply [2]. - The company intends to leverage the revitalization of the beef cattle industry in Bohuzhou to quickly expand into the Central Plains beef cattle breeding market, enhancing its competitive edge and market influence [2]. Group 3: Financial Performance - Lude Environment is facing operational pressure, reporting a revenue of 147 million yuan for the first half of 2025, a year-on-year increase of 1.08%, but a net loss attributable to shareholders of 13.07 million yuan [2].

Investment Highlights - The report highlights significant acceleration in national subsidies recovery for the environmental sector in July-August 2025, with Everbright receiving 2.064 billion yuan, surpassing the 1.534 billion yuan received in the same period of 2024 [1][4] - The solid waste sector has shown improvements in return on equity (ROE) and cash flow, with a 1% increase in revenue and an 8% increase in net profit for the first half of 2025 [5][6] - The report recommends several companies for investment, including Hanlan Environment, Green Power, and Everbright Environment, among others [2] Solid Waste Sector Insights - The solid waste sector's performance in the first half of 2025 includes a 9% increase in operating cash flow, reaching 6.9 billion yuan, and a 24% increase in free cash flow compared to the first half of 2024 [5][6] - The average waste incineration companies saw a 1.8% increase in tonnage output and a 1.2% increase in grid-connected output in the first half of 2025 [5][6] - Companies are expanding their operations and improving efficiency, with notable increases in heating supply rates for several firms [5][6] Water Sector Analysis - The water sector is expected to experience a cash flow turnaround, with a projected increase in free cash flow for companies like Xingrong and Shouchuang starting in 2026 [6] - Price reforms in water services are anticipated to enhance growth and valuation, with recent price adjustments in cities like Guangzhou and Shenzhen [6] Sanitation Sector Developments - The penetration rate of electric sanitation vehicles is accelerating, with a 77.6% increase in sales of new energy sanitation vehicles in the first seven months of 2025 [7][8] - The report notes a significant rise in the number of automated sanitation projects, indicating a growing trend towards automation in the sector [7][8] Industry Tracking - The report tracks the performance of various sectors, including the increase in sales of sanitation vehicles and the profitability of biodiesel production, with a notable rise in the price of used cooking oil [8] - Lithium battery recycling is also highlighted, with improvements in profitability due to changes in pricing for lithium and cobalt [8]

Group 1: Industry Overview - The solid waste treatment sector is emerging as a new avenue for Chinese industries to expand overseas, driven by the ongoing green transformation of the "Belt and Road" initiative [1] - The global waste-to-energy market is projected to exceed $60 billion within five years, with most countries still in the early stages of development, representing a typical blue ocean market [1] - The demand for solid waste treatment is expected to grow as the global carbon neutrality process accelerates, providing opportunities for leading companies in the industry [3] Group 2: Company Highlights - Kangheng Environment is currently the largest Chinese company in the solid waste sector with overseas investments in 12 waste-to-energy projects, processing over 15,000 tons daily [1] - The company has established 90 industrial parks globally, providing environmental energy services to over 100 million people [1] - Kangheng Environment's self-developed SUS mechanical grate furnace has received EU CE certification and is utilized in over 300 waste-to-energy plants worldwide, with a daily processing capacity exceeding 300,000 tons, making it the top supplier of waste incineration equipment globally [1] - The company is recognized as a model for green innovation in China, as highlighted in the "National Development Achievements Commemorative Special Edition" by China Daily [2] Group 3: Strategic Developments - Kangheng Environment is participating in the restructuring of ST Zhongzhuang, which marks a significant step in capital operations [2] - The restructuring process has led to rapid business collaboration, including a contract for property services worth approximately 31.97 million yuan for Kangheng Environment's global headquarters [2] - Both companies are advancing an innovative business model called "Green Electricity Direct Supply AIDC," leveraging Kangheng Environment's annual green electricity supply capacity of 3.7 billion kilowatt-hours and ST Zhongzhuang's expertise in the IDC field [2]

Core Insights - The environmental protection industry is gradually returning to rational investment, focusing on the sustainable development of core businesses and cost reduction while actively exploring new sectors such as renewable energy, AI + environmental protection, and robotics to achieve steady growth amid market policy adjustments and industrial changes [1][2] Water Sector - In H1 2025, the water sector (16 listed companies) achieved revenue of 34.35 billion, a decrease of 0.9% year-on-year, while net profit increased by 4.6% to 5.42 billion. Recent policy changes are expected to catalyze market-oriented water price reforms, providing growth opportunities for efficient water service companies [3] Solid Waste Sector - In H1 2025, the solid waste treatment sector (38 listed companies) generated revenue of 86.53 billion, an increase of 3.4%, but net profit decreased by 3.4% to 8.47 billion. Enhanced dividends from waste incineration and international expansion are anticipated to lead to valuation re-evaluation [4] Environmental Monitoring/Testing Sector - In H1 2025, the environmental monitoring/testing sector (9 listed companies) reported revenue of 4.31 billion, down 4.4%, with net profit dropping 41% to 0.162 billion. New carbon market policies are expected to expand industry participation and drive demand for carbon monitoring as China continues to pursue its dual carbon goals [5] Environmental Equipment Sector - In H1 2025, the environmental equipment sector (26 listed companies) achieved revenue of 30.00 billion, a decrease of 3.69%, and net profit fell by 15% to 1.92 billion. The year 2025 marks the end of the 14th Five-Year Plan, with government initiatives expected to boost demand for energy-saving cooling equipment [6]

信达证券近日发布环保板块2025年半年报总结：2025H1信达能源环保细分领域环保设备 板块（共26家上市公司）实现收入300.04亿元，同比减少3.69%；归母净利润合计19.17亿 元，同比减少15%。2025年是"十四五"收官之年，此前国务院印发的《2024—2025年节能降 碳行动方案》的通知中提出推动重点用能设备更新升级，加快数据中心节能降碳改造。 以下为研究报告摘要： 本期内容提要: 板块估值持续修复，水务运营稳健，垃圾焚烧分红提升。环保行业投资逐步回归理性， 重视自身核心业务的持续发展及降本增效的同时，也在积极跨界，布局新能源、AI+环保、 机器人等热门赛道，以求在市场政策调整和产业激荡中稳步发展。根据wind数据，信达能源 环保板块146家上市公司（其中水务16家、水处理36家、大气治理8家、固废处理38家、环境 监测/检测9家、综合环境治理13家、环保设备26家）2025H1共实现营业收入1870.37亿元， 同比增长0.2%；归母净利润169.53亿元，同比减少6.0%，主要系清新环境、博世科、维尔 利、太和水、仕净科技归母净利润大幅减少所致。 细分板块： 水务板块：2025H1信达能源环 ...

Group 1: Overall Performance of Guangdong Listed Companies - As of August 31, 2025, 883 A-share listed companies in Guangdong completed their performance disclosures for the first half of 2025, showing overall growth that outpaced the national average [1] - Guangdong manufacturing listed companies achieved a total revenue of 2.94 trillion yuan and a net profit of 172.19 billion yuan in the first half of 2025, reflecting year-on-year growth of 13% and 6.3% respectively [4][5] Group 2: Mergers and Acquisitions - Since the implementation of the "Six Merger Guidelines," over 250 listed companies in Guangdong have disclosed and completed industrial mergers and acquisitions exceeding 150 billion yuan, with more than 60% related to strategic emerging industries [2] - TCL Technology successfully executed two major acquisitions in the display sector, enhancing its international competitiveness, with a reported revenue of 85.6 billion yuan and a net profit of 1.88 billion yuan for the first half of 2025, marking a 6.7% and 89.3% increase year-on-year respectively [2] - The merger of Hanlan Environment and Yuefeng Environmental is expected to enhance operational efficiency and profitability, positioning Hanlan as a leading player in the domestic waste treatment industry [3] Group 3: Investment and Capital Expenditure - Guangdong listed companies reported capital expenditures of 316.3 billion yuan in the first half of 2025, a year-on-year increase of 2.8%, surpassing the national average decline of 11.3% [5] - The increase in capital expenditure is attributed to rising investments in the automotive manufacturing, computer, communication, and other electronic equipment sectors, indicating a recovery in investment sentiment [5] Group 4: International Revenue and Competitiveness - In the first half of 2025, 477 manufacturing listed companies in Guangdong reported overseas revenues totaling 832.75 billion yuan, a year-on-year increase of 16.2%, exceeding the national average of 10.5% [6] - The computer, communication, and other electronic equipment manufacturing sectors, along with electrical machinery and automotive manufacturing, contributed significantly to overseas revenues, accounting for 86% of the total [6] Group 5: Research and Development Investment - A total of 848 listed companies in Guangdong disclosed R&D expenditures of 158.9 billion yuan in the first half of 2025, reflecting a year-on-year growth of 11.6%, which is higher than the national average of 3.2% [7] - The increase in R&D investment is primarily driven by the automotive manufacturing and electrical machinery sectors, with growth rates of 46.7% and 11.4% respectively [7]