机构持仓方面，截止2025年9月30日，兴蓉环境十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股2881.00万股，相比上期减少1137.10万股。工银红利优享混合A（005833）位居第七大流 通股东，持股2409.09万股，为新进股东。南方中证500ETF（510500）位居第八大流通股东，持股 2164.66万股，相比上期减少48.30万股。汇添富品质价值混合（017043）位居第十大流通股东，持股 2000.00万股，相比上期减少1000.00万股。 责任编辑：小浪快报 资金流向方面，主力资金净流入839.59万元，特大单买入556.97万元，占比4.14%，卖出105.63万元，占 比0.79%；大单买入3603.73万元，占比26.80%，卖出3215.47万元，占比23.91%。 兴蓉环境所属申万行业为：环保-环境治理-水务及水治理。所属概念板块包括：垃圾发电、固废处理、 西部开发、节能环保、污水处理等。 截至9月30日，兴蓉环境股东户数6.77万，较上期增加11.62%；人均流通股44000股，较上期减少 10.27%。2025年1月-9月，兴蓉环境实现营业收入65.48亿元，同 ...

Core Viewpoint - Zhongshan Public Utility experienced a decline in stock price by 2.12% on December 2, with a current price of 11.99 CNY per share and a total market capitalization of 17.687 billion CNY [1] Financial Performance - For the period from January to September 2025, Zhongshan Public Utility reported a revenue of 3.143 billion CNY, a year-on-year decrease of 4.37%, while the net profit attributable to shareholders increased by 18.54% to 1.211 billion CNY [2] - The company has distributed a total of 4.529 billion CNY in dividends since its A-share listing, with 1.251 billion CNY distributed over the last three years [3] Stock Market Activity - As of November 20, 2025, the number of shareholders increased to 47,700, with an average of 26,271 circulating shares per shareholder, a decrease of 2.23% [2] - The stock has seen a year-to-date increase of 36.25%, with a slight decline of 1.64% over the last five trading days and a 1.32% decline over the last 20 days [1] Shareholder Composition - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 13.9863 million shares, a decrease of 2.1042 million shares from the previous period [3] - Other notable shareholders include Yinhua Wealth Theme Mixed A and Southern CSI 1000 ETF, both of which also saw reductions in their holdings [3] Business Overview - Zhongshan Public Utility, established on December 26, 1992, and listed on January 23, 1997, operates in various sectors including environmental water services, solid waste treatment, sanitation services, engineering construction, market operations, port passenger transport, financial services, and equity investment [1] - The main revenue sources are water supply and sewage treatment (37.07%), engineering installation (34.53%), sanitation and waste-to-energy (18.79%), and other services (9.32%), with a minimal contribution from the new energy sector (0.28%) [1]

Group 1 - Daqian Ecological announced the resignation of Chairman Zhang Yuan due to personal reasons, affecting his roles in the board and strategic committee [1] - Daqian Ecological, established in October 1988, focuses on urban renewal, rural revitalization, and ecological restoration [1] Group 2 - Haili Biological plans to use up to 500 million yuan of idle funds to invest in financial products issued by banks, brokers, trusts, and fund companies [1] - Haili Biological, founded in July 1981, specializes in in vitro diagnostic reagents and oral tissue repair and regeneration materials [1] Group 3 - Xianglou New Materials' application for a private placement of shares has been accepted by the Shenzhen Stock Exchange [2] - Xianglou New Materials, established in December 2005, is engaged in the research, production, and sales of customized precision stamping new materials [3] Group 4 - Zhuochuang Information has submitted an application for H-share listing to the Hong Kong Stock Exchange [4] - Zhuochuang Information, founded in April 2004, provides market data monitoring, trading price evaluation, industry data analysis, and research [4] Group 5 - Zhongwei Company plans to reduce its shareholding by up to 626,150 shares, representing 1% of the total share capital [5] - Zhongwei Company, established in May 2004, focuses on the research, production, and sales of high-end semiconductor equipment and related products [5] Group 6 - Jiarong Technology intends to raise up to 1 billion yuan through a private placement to acquire 100% of Hangzhou Lanran [6] - Jiarong Technology, founded in February 2005, specializes in membrane separation equipment and high-performance membrane components [6] Group 7 - Dameng Data's director and general manager Pi Yu has had his detention lifted by the local supervisory committee [7] - Dameng Data, established in November 2000, provides various database software, cloud computing, big data products, and related technical services [7] Group 8 - Huayang Co. has launched a 200-ton annual production project for high-performance carbon fiber [8] - Huayang Co., founded in December 1999, is involved in coal production, power generation, and renewable energy technologies [8] Group 9 - Saintno Biological's executives plan to collectively reduce their holdings by up to 37,600 shares, which is 0.024% of the total share capital [9] - Saintno Biological, established in July 2001, focuses on the research, production, and sales of peptide raw materials and formulations [9] Group 10 - *ST Dongyi is in the process of signing a comprehensive technical service agreement worth 635 million yuan [10] - *ST Dongyi, founded in November 1996, provides comprehensive home decoration services [11] Group 11 - Jiangxi Copper is attempting to acquire all shares of London-listed SolGold, with a recent offer of 26 pence per share [12] - Jiangxi Copper, established in January 1997, specializes in copper and gold mining, smelting, and processing [12] Group 12 - China Shenhua's subsidiary has successfully completed a 168-hour trial run of its power generation unit [13] - China Shenhua, founded in November 2004, is involved in coal and electricity production and sales [13] Group 13 - Baile Tianheng's subsidiary has received a milestone payment of 250 million USD from BMS [14] - Baile Tianheng, established in August 2006, focuses on innovative biopharmaceuticals and chemical preparations [14] Group 14 - Yulide's directors plan to reduce their holdings by up to 35,000 shares, representing 0.0313% of the total share capital [15] - Yulide, founded in December 2003, specializes in the research, production, and sales of testing and measuring instruments [15] Group 15 - Aters plans to establish joint ventures with its controlling shareholder to adjust its U.S. market operations [15] - Aters, established in April 2006, focuses on lithium-ion battery separator products and sterile packaging [15] Group 16 - Enjie Co. is planning to acquire 100% of Zhongke Hualian's shares, leading to a stock suspension [16] - Enjie Co., founded in April 2006, specializes in lithium-ion battery separator products and sterile packaging [16] Group 17 - ST Tianrui's controlling shareholder is planning a change in company control, resulting in a stock suspension [16] - ST Tianrui, established in July 2006, focuses on analytical testing instruments and environmental governance [17]

Investment Rating - The report maintains a "Strong Buy" rating for the utility sector, indicating a positive outlook for investment opportunities in this industry [3]. Core Insights - The utility sector has shown significant performance differentiation among its sub-sectors in the first three quarters of 2025, with the environmental protection segment demonstrating notable cash flow improvements [1][37]. - The report highlights the transition of thermal power from a reliance on electricity volume to a focus on capacity and regulation, enhancing profitability stability [2]. - The environmental sector's cash flow has improved significantly, particularly in solid waste and water management, driven by macroeconomic policy support and operational efficiency [38]. Summary by Sections 1. Utility Sector Overview - The utility sector achieved total revenue of CNY 16,911.85 billion in the first three quarters of 2025, a year-on-year decrease of 1.99%. The power sector's revenue was CNY 14,562.73 billion, down 2.21%, while the gas sector's revenue was CNY 2,349.12 billion, down 0.64% [15]. - The sector's net profit attributable to shareholders reached CNY 1,858.70 billion, a year-on-year increase of 3.39%, with the power sector's net profit at CNY 1,756.23 billion, up 3.90% [15]. 1.1 Thermal Power - The thermal power sector's revenue for the first three quarters was CNY 9,064.68 billion, down 3.08%, but net profit increased by 15.83% to CNY 711.23 billion due to reduced fuel costs [19]. - In Q3 2025, thermal power revenue was CNY 3,333.75 billion, with a net profit of CNY 270.72 billion, reflecting a year-on-year increase of 35.59% [19]. 1.2 Hydropower - Hydropower revenue for the first three quarters was CNY 1,487.60 billion, up 1.56%, with net profit at CNY 513.22 billion, an increase of 3.30% [21]. - Q3 2025 saw hydropower revenue of CNY 608.51 billion, with net profit of CNY 250.84 billion, reflecting a year-on-year decrease of 3.41% [21]. 1.3 Nuclear Power - Nuclear power revenue reached CNY 616.35 billion, up 8.16%, but net profit fell by 10.42% to CNY 80.02 billion due to market pressures [24]. - The total net electricity generation from nuclear power increased by 6.06% in the first three quarters [24]. 1.4 Renewable Energy - The wind power sector generated revenue of CNY 1,080.90 billion, down 2.34%, with net profit decreasing by 11.85% to CNY 220.31 billion [28]. - The solar power sector's revenue was CNY 261.04 billion, down 16.55%, but net profit increased by 55.77% to CNY 29.04 billion [32]. 1.5 Gas Sector - The gas sector's revenue was CNY 2,349.12 billion, down 0.64%, with net profit decreasing by 4.61% to CNY 102.47 billion due to weak demand [34]. 2. Environmental Protection Sector Overview - The environmental protection sector achieved total revenue of CNY 2,677.92 billion, up 3.28%, but net profit fell by 5.47% to CNY 244.73 billion [37]. - Cash flow in the solid waste management sector improved significantly, with operating cash flow reaching CNY 198.72 billion, a year-on-year increase of 28.94% [38]. 2.1 Solid Waste Management - Solid waste management revenue was CNY 1,166.97 billion, up 4.52%, with net profit slightly increasing to CNY 118.89 billion [39]. 2.2 Water Management - Water management revenue was CNY 852.02 billion, up 1.39%, but net profit decreased by 10.81% to CNY 107.18 billion [39].

Core Viewpoint - Zhongzhi Water Holdings Co., Ltd. has experienced significant stock price fluctuations and financial performance, with a notable increase in revenue and net profit year-on-year, indicating potential growth in the environmental services sector [1][2]. Financial Performance - As of September 30, Zhongzhi reported a revenue of 662 million yuan, representing a year-on-year growth of 2.15% [2]. - The net profit attributable to shareholders reached 47.6 million yuan, showing a substantial increase of 2157.81% compared to the previous year [2]. - The company's stock price has increased by 154.12% year-to-date, with a recent 60-day increase of 62.43% [1]. Stock Market Activity - On November 27, Zhongzhi's stock price fell by 2.04%, trading at 16.34 yuan per share with a total market capitalization of 4.172 billion yuan [1]. - The company has seen a net outflow of 11.79 million yuan in principal funds, with significant selling pressure from large orders [1]. - Zhongzhi has appeared on the "Dragon and Tiger List" four times this year, indicating notable trading activity [1]. Business Overview - Zhongzhi Water Holdings, established on December 31, 2009, specializes in wastewater treatment operations, EPC for wastewater and sludge treatment, and technical product sales [2]. - The company's revenue composition includes 65.22% from operational services, 24.78% from construction projects, and 10.00% from technical product sales and services [2]. - The company is categorized under the environmental governance sector, focusing on water management and treatment [2]. Dividend Distribution - Since its A-share listing, Zhongzhi has distributed a total of 197 million yuan in dividends, with 97.53 million yuan distributed over the past three years [3].

复洁科技今年以来股价涨148.79%，近5个交易日跌0.82%，近20日跌0.68%，近60日涨40.85%。 11月27日，复洁科技盘中上涨2.09%，截至11:01，报20.48元/股，成交2064.30万元，换手率0.69%，总 市值30.32亿元。 资金流向方面，主力资金净流出206.34万元，大单买入158.67万元，占比7.69%，卖出365.00万元，占比 17.68%。 分红方面，复洁科技A股上市后累计派现1.62亿元。近三年，累计派现1.19亿元。 责任编辑：小浪快报 今年以来复洁科技已经1次登上龙虎榜，最近一次登上龙虎榜为9月29日，当日龙虎榜净买入5149.29万 元；买入总计1.33亿元 ，占总成交额比17.74%；卖出总计8135.38万元 ，占总成交额比10.87%。 资料显示，上海复洁科技股份有限公司位于上海市杨浦区国权北路1688弄湾谷科技园A7幢8楼，成立日 期2011年11月18日，上市日期2020年8月17日，公司主营业务涉及为城镇和工业(园区)污水处理厂(站)提 供污泥脱水干化及废气净化技术装备及服务,集高端节能环保技术与装备的研发、设计、制造、集成、 安装与运维服务为 ...

分组1 - Weili Medical plans to distribute a cash dividend of 2 yuan per 10 shares to all shareholders, based on an undistributed profit of 704 million yuan as of September 30, 2025 [1] - Tongding Interconnect's shareholder plans to reduce their stake by up to 0.49%, equating to a maximum of 605,800 shares [1] - Caitong Securities has received approval from the China Securities Regulatory Commission to issue short-term corporate bonds with a total face value of up to 5 billion yuan [1] 分组2 - Youfu Food intends to use 70 million yuan of its own funds to invest in wealth management products with expected annual returns of up to 4.2% [3] - Keres received an administrative regulatory decision from the Guangdong Securities Regulatory Bureau for violations related to accounts receivable aging calculations and related party transactions [5] - Ouma Software's controlling shareholder has completed the transfer of state-owned equity, changing the controlling shareholder to Shandong Guotou [7] 分组3 - ST Huapeng's wholly-owned subsidiary has completed a major overhaul project and is now in production [8] - Beiqi Blue Valley has received approval from the China Securities Regulatory Commission for a stock issuance to specific investors [8] - Weijie Chuangxin received a government subsidy of 5 million yuan, accounting for 21.07% of its projected net profit for 2024 [9] 分组4 - China Resources Double Crane's subsidiary has received a drug registration certificate for a hypertension treatment drug [11] - Huafeng shares are continuing to suspend trading due to a planned change in control [13] - Kaifa Electric's shareholder plans to transfer 36.6869 million shares, representing 11.63% of the total share capital [14] 分组5 - Heng Rui Medicine has received approval for two clinical trials for innovative anti-tumor drugs [15] - Kosen Technology plans to invest 30 million USD to establish a new production base in Malaysia [17] - Sanxing Medical's subsidiary is expected to win a procurement project from the State Grid worth approximately 107 million yuan [18] 分组6 - Sitai Li's subsidiary has received a drug registration certificate for a contrast agent used in MRI [21] - Daren Tang's subsidiary has received a drug registration certificate for a pain relief gel [22] - Saike Xide has received approval for three medical device products, expanding its product range in the in vitro diagnostic field [23] 分组7 - Hasa Lian has elected a new chairman and vice chairman for its board of directors [24] - Two-sided Needle's subsidiary plans to invest 68.8522 million yuan in a production base expansion project [25] - Sunshine Nuohe plans to transfer 70% of its controlling subsidiary's equity for 2 million yuan [26] 分组8 - Hengbang shares received an administrative regulatory decision from the Shandong Securities Regulatory Bureau for failing to complete the election of independent directors [27] - Huali shares plan to sign a related transaction contract worth approximately 59.2847 million yuan [28] - Shangwei shares plan to invest 520.4 million yuan to gain a controlling stake in Sichuan Zhongfu Taihua [30] 分组9 - Zejing Pharmaceutical's ZG006 has been included in the list of breakthrough therapeutic varieties for treating advanced neuroendocrine cancer [32] - Yaopi Glass's shareholder plans to reduce their stake by up to 2.26%, equating to a maximum of 21.1469 million shares [34] - Huate Gas has initiated a major lawsuit involving a claim of 180 million yuan [36] 分组10 - Zhongchumei's controlling shareholder plans to increase their stake by between 42 million and 80 million yuan [37] - Huitong shares' shareholder plans to reduce their stake by up to 1% [38] - Miaowei Exhibition plans to apply for an initial public offering of H shares on the Hong Kong Stock Exchange [40] 分组11 - Tianqi Lithium's subsidiary has appealed to the Chilean Supreme Court regarding a partnership agreement with SQM and Codelco [42] - Naxin Micro plans to repurchase shares worth between 200 million and 400 million yuan [44] - Pingao shares have reported significant uncertainty regarding future business development and profitability [46] 分组12 - Shunyu shares have been pre-selected for a project worth 1.023 billion yuan [48] - Zhongyuan Neipei plans to acquire a 2.5% share in an aerospace industry fund for 50 million yuan [50] - Huifa Food's shareholder plans to reduce their stake by up to 3%, equating to a maximum of 727.14 million shares [53] 分组13 - Junshi Biosciences' subcutaneous PD-1 new formulation has reached its primary endpoint in a Phase III clinical trial [54] - Industrial Fulian clarified that it has not lowered its fourth-quarter profit target amid market rumors [55] - Longpan Technology's subsidiary has signed a major supply agreement for lithium iron phosphate materials, significantly increasing the supply volume [56]

Group 1 - EVE Energy signed a procurement framework agreement with its affiliate, Smoore International, for continuous procurement of battery cells starting from January 1, 2026 [1] - Zhaoyi Information plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - Fuke Environmental announced a change in its stock abbreviation to "Fuke Technology" effective November 26 [1] Group 2 - Dajia Weikang's shareholder and director terminated a share reduction plan ahead of schedule, having reduced 1% of total shares [2] - Aohong Electronics received approval from the China Securities Regulatory Commission for the issuance of convertible bonds [2] - Yingfeng Environment's controlling shareholder plans to issue exchangeable bonds not exceeding 1 billion yuan [2] Group 3 - Longshen Rongfa's subsidiary obtained a renewed drug production license covering various pharmaceutical products [4] - Xinhua News' subsidiary invested 15 million yuan in a fund with a total commitment of 221 million yuan [5] - Guang'an Aizhong appointed two new deputy general managers [6] Group 4 - Fosun Pharma's subsidiary's drug for gastric cancer treatment was included in the breakthrough therapy program by the National Medical Products Administration [7] - Nanjiao Foods reported a significant decline in October net profit due to rising raw material costs [8] - Nanfeng Co. won two nuclear power project bids totaling 928.7 million yuan [10] Group 5 - Puluo Pharmaceutical received a drug registration certificate for its Cefdinir capsules [11] - Liming Co.'s subsidiary received environmental approval for a new pesticide raw material project [12] - Longhua New Materials' expansion project for polyether polyols has commenced trial production [13] Group 6 - Pumen Technology's products received IVDR CE certification from TÜV Rheinland [15] - China Chemical reported new contracts worth 312.67 billion yuan from January to October [18] - China Nuclear Construction achieved new contracts totaling 123.84 billion yuan as of October [19] Group 7 - Changshu Bank's executives plan to purchase at least 550,000 shares of the bank [20] - Shandong Steel's subsidiary is applying for bankruptcy liquidation to focus on core business [21] - Huakang Clean is expected to win a bid for a purification system project worth 176 million yuan [23] Group 8 - Huawu Co. plans to internally transfer subsidiary equity [24] - Tianen Kang's subsidiary received clinical trial acceptance for a new drug [26] - Tianyi Medical's subsidiary obtained a medical device registration certificate for a blood dialysis product [27] Group 9 - Xuelang Environment is facing a pre-restructuring application from creditors [27] - Chitianhua's subsidiary resumed production after passing safety inspections [28] - Huaping Co.'s director plans to reduce 0.03% of company shares [30] Group 10 - Xizhuang Co. plans to establish a wholly-owned subsidiary in Singapore [31] - Ruisheng Intelligent's subsidiary won a 60.23 million yuan ICT project bid [32] - Junyi Digital plans to invest 120 million yuan in Guanghong Precision [33] Group 11 - Fuguang Co.'s controlling shareholder plans to increase holdings between 80 million to 150 million yuan [34] - Ganyue Express reported a 13.68% increase in logistics revenue in October [39] - Jiangsu Sop terminated its 2025 private placement plan [41] Group 12 - Langke Intelligent's shareholders plan to reduce a total of 1.68% of company shares [42] - Yuantong Express reported an 8.97% increase in express product revenue in October [45] - Jinbei Automotive plans to invest 158 million yuan to acquire 52% of Zhongtuo Technology [46]

碧水源今年以来股价跌11.19%，近5个交易日涨0.45%，近20日涨1.81%，近60日跌5.07%。 分红方面，碧水源A股上市后累计派现17.77亿元。近三年，累计派现2.79亿元。 机构持仓方面，截止2025年9月30日，碧水源十大流通股东中，易方达创业板ETF（159915）位居第四 大流通股东，持股4501.22万股，相比上期减少765.82万股。南方中证500ETF（510500）位居第六大流 通股东，持股3170.16万股，相比上期减少74.01万股。香港中央结算有限公司位居第七大流通股东，持 股2749.33万股，相比上期减少376.98万股。 责任编辑：小浪快报 资料显示，北京碧水源科技股份有限公司位于北京市海淀区生命科学园路23-2号碧水源大厦，成立日期 2001年7月17日，上市日期2010年4月21日，公司主营业务涉及污水处理与污水资源化技术开发、应用。 主营业务收入构成为：环保行业(水处理及水生态)87.71%，市政行业(市政与给排水、光科技)12.29%。 11月20日，碧水源盘中上涨2.05%，截至10:06，报4.49元/股，成交5419.99万元，换手率0.36%，总市值 1 ...

Core Insights - Shanghai Xiba experienced a stock price decline of 2.04% on November 18, trading at 80.76 CNY per share with a total market capitalization of 14.172 billion CNY [1] - The company has seen a significant stock price increase of 234.00% year-to-date, with a recent 4.27% rise over the last five trading days [1] Financial Performance - For the period from January to September 2025, Shanghai Xiba reported a revenue of 354 million CNY, a year-on-year decrease of 5.52%, while net profit attributable to shareholders increased by 146.80% to 119 million CNY [2] - Cumulative cash dividends since the company's A-share listing amount to 150 million CNY, with 41.0938 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 106.66% to 48,800, with an average of 3,592 circulating shares per shareholder, a decrease of 51.61% [2] - New institutional shareholders include Bosera Huixing Return Mixed Fund and AVIC New Start Flexible Allocation Mixed Fund, while several funds exited the top ten shareholders list [3]