卓锦股份公告，公司作为牵头人和 煤炭工业合肥设计研究院有限责任公司、合肥和合建筑工程有限公 司联合体为合肥合燃 华润燃气有限公司原制气厂南区地块污染 土壤修复项目中标人。中标金额6768万 元（含税），公司合同工作量占比约为88.5%，预计最终所占金额约为5989.68万元。项目工期为900日 历天。 ...

证券代码：300692 证券简称：中环环保 公告编号：2025-029 债券代码：123146 债券简称：中环转 2 安徽中环环保科技股份有限公司 关于 2022 年员工持股计划存续期即将届满的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 安徽中环环保科技股份有限公司（以下简称"公司"）于 2022 年 9 月 13 日 召开第三届董事会第十六次会议、第三届监事会第十五次会议，于 2022 年 9 月 计划（草案）>及其摘要的议案》《关于公司<2022 年员工持股计划管理办法>的 议案》等相关议案，于 2022 年 10 月 16 日召开第三届董事会第十七次会议审议 通过了《关于调整安徽中环环保科技股份有限公司 2022 年员工持股计划的议案》。 具体内容详见巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》《深圳 证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》（简称 "《自律监管指引第 2 号》"）及公司《2022 年员工持股计划（草案修订稿）》 ...

历经二十一载岁月沉淀，新财富金牌董秘评选已成为中国资本市场极具权威性与公信力的标杆评选，不仅见证 了中国资本市场蓬勃发展的壮阔征程，更以专业视角镌刻下时代变革的深刻印记。金牌董秘群体凭借卓越的专 业素养与创新实践能力，持续优化上市公司治理、深化投资者关系管理，已然成为推动中国资本市场向高质量 发展迈进的一股重要力量。 值此新财富董秘评选二十一周年之际，诚邀历届金牌董秘，分享企业战略、发展历程与职业经验，以实战洞见 解构资本风云，共探行业发展逻辑。 0 1 投行到产业：专业赋能产业发展的实践者 宋玉飞先生现任山高环能集团股份有限公司董事会秘书，是注册会计师，拥有法律职业资格、保荐代 表人职业资格，兼具良好的财务及法律背景。其硕士毕业后任职于兴业证券投行部，这段经历使其能 在实战中灵活运用扎实的财务和法律知识，并积累了丰富的上市公司资本运作经验，同时陪伴优秀企 业成长也使其认识到金融工具赋能实体产业的作用。 2019年，他选择加入山高环能（原简称"金宇车城""北清环能"），以董秘身份开启职业生涯的二次跨 越。2019年上半年，山高环能囿于资金困局，诉讼缠身，经营举步维艰，濒临退市。在股东、董事会 全力支持下，时任 ...

Market Overview - As of May 19, the A-share market experienced fluctuations, with the Shanghai Composite Index rising slightly by 0.12 points, while the Shenzhen Component Index and the ChiNext Index saw minor declines of 0.08% and 0.33% respectively [1] - The total trading volume in the A-share market was 1.12 trillion yuan, a decrease of 5.2 billion yuan compared to the previous trading day [1] Sector Performance - The merger and acquisition, port shipping, pet economy, and real estate sectors showed strong performance, with the comprehensive, environmental protection, and real estate industries leading gains at 1.99%, 1.87%, and 1.75% respectively [2] - The merger and acquisition concept saw significant gains, with stocks like Wuxin Tunnel Equipment hitting a 30% limit up, and Jiangtian Chemical and Guangzhi Technology both reaching 20% limit up [2] Regulatory Impact - On May 16, the China Securities Regulatory Commission announced amendments to the "Management Measures for Major Asset Restructuring of Listed Companies," which is expected to enhance market vitality and increase the enthusiasm for mergers and acquisitions among listed companies [2] - Analysts suggest that the new regulations will likely lead to an increase in merger and acquisition projects and related financing activities, providing more opportunities for securities firms to participate as financial advisors [2] Valuation and Market Sentiment - The rolling price-to-earnings ratio for the entire A-share market was reported at 19.07 times, while the CSI 300 index stood at 12.53 times, indicating that A-shares still offer a favorable valuation compared to other markets [3] - Analysts believe that the current market is in a high cost-performance range, with strong policy support expected to stabilize the economy and market, suggesting a potential return to an upward trend after short-term profit-taking pressures are released [3]

Group 1 - Company Weili plans to transfer 100% equity of its wholly-owned subsidiary Dunhua Zhongneng Environmental Power Co., Ltd. to Chengfa Environment for a total consideration of approximately 323 million yuan, which includes a transfer price of 100 million yuan and shareholder loans of about 223 million yuan [3] - Company Wanrun New Energy has signed a business cooperation agreement with CATL to supply lithium iron phosphate products, with an estimated total supply of approximately 1.32 million tons from May 2025 to 2030, and a commitment for monthly procurement of at least 80% of the agreed supply [4] - Company Shouhua Gas intends to purchase bauxite resources through market-based methods, with a purchase amount not exceeding 30% of the latest audited total assets or 100% of net assets within 12 months [5] Group 2 - Company Gaon Environment received an administrative regulatory decision from the Beijing Securities Regulatory Bureau due to insufficient basis for goodwill impairment and inaccurate disclosure of related party transactions, resulting in a warning letter issued to the company and its key personnel [6] - Company Hongxin Electronics' subsidiary signed two contracts for computing power services and hardware procurement, with total contract amounts of 177 million yuan and 385 million yuan respectively, enhancing the company's market share in the AI business [7] - Company Shanghai Xinyang plans to invest 30 million yuan in the establishment of the Qixin Fund, focusing on investments in semiconductor, integrated circuits, AI, new materials, and advanced manufacturing sectors [8] Group 3 - Company Baiyunshan's subsidiary Guangzhou Pharmaceutical will be listed on the New Third Board starting May 20, 2025 [9] - Company Jincheng signed a service agreement for underground mining operations at the Komakau Copper Mine, with a total contract value of approximately 805 million USD over a five-year period [11] - Company Dongzhu Ecology signed an EPC general contracting agreement worth approximately 3.5 billion yuan for a land consolidation project in Laos, with a contract duration of three years [12] Group 4 - Company Youa signed a strategic cooperation framework agreement with Changsha Guokong Capital and Tsinghua Electronics Institute to promote the semiconductor industry upgrade in Changsha [13] Group 5 - Company Wanfeng plans to reduce its shareholding by up to 1.75% through block trading [15] - Company Hexing Packaging intends to repurchase shares worth between 50 million to 100 million yuan for employee stock ownership plans, with a maximum repurchase price of 4.67 yuan per share [17] - Company Zhaoxun Media plans to repurchase shares worth between 100 million to 200 million yuan for employee stock ownership plans, with a maximum repurchase price of 14.8 yuan per share [18]

证券研究报告 | 行业周报 gszqdatemark 2025 05 18 年 月 日 环保 标准加强倒逼绿色转型，节能监测有望受益 绿色协同转型要点指明行业方向，环保领域立法严明绿色发展。1、中央 网信办等十部门印发《2025 年数字化绿色化协同转型发展工作要点》。文 件围绕"数字化绿色化协同转型"主线，从数字产业低碳化、传统行业数 字化赋能、双化融合创新等维度提出系统性要求。政策明确要求各行业加 快制定技术标准、完善监测机制、落实财税支持，并通过试点示范形成可 复制的转型路径，倒逼企业增强在节能工艺改进、低碳技术研发及循环经 济模式创新上的资源投入，传统高耗能电力、冶金、石化等行业数字化解 决方案如工业互联网平台、智能监测系统、节能装备供应商有望受益。建 议重点关注在绿色工艺研发、工业污染治理设备领域具备领先优势的企 业，如龙净环保、碧水源。2、国务院办公厅印发《国务院 2025 年度立法 工作计划》的通知。文件聚焦环保立法升级，绿色发展迈入强监管周期。 国务院 2025 年度立法工作计划明确提出以绿色发展为核心，推动多项环 保领域法律法规的制定与修订，涉及水资源管理、生态监测、城市供水、 自然保护等多个 ...

2025 年 05 月 18 日 公用事业及环保产业行业研究 买入（维持评级） 行业周报 证券研究报告 公共事业与环保组 分析师：李蓉（执业 S1130525040001） lirong＠gjzq.com.cn 分析师：张君昊（执业 S1130524070001） zhangjunhao1＠gjzq.com.cn 分析师：唐执敬（执业 S1130525020002） tangzhijing＠gjzq.com.cn 联系人：汪知瑶 wangzhiyao＠gjzq.com.cn 从 GDP 增长的归因分析看电力消费弹性系数的变化 ◼ 本周（5.12-5.16）上证综指上涨 0.76%，创业板指上涨 1.38%。碳中和板块上涨 0.30%，公用事业板块上涨 0.24%， 环保板块上涨 0.17%,煤炭板块上涨 1.81%。 ◼ 火电板块：我们建议关注发电资产主要布局在电力供需偏紧、发电侧竞争格局较好的龙头火电企业，如华能国际、 华电国际。水电：建议关注水电运营商龙头长江电力。核电：建议关注电价市场化占比提升背景下，核电龙头企 业中国核电。 敬请参阅最后一页特别声明 1 ◼ 历年来 GDP 增长的刺激因子发生结构性变 ...

Core Viewpoint - Company plans to invest in and operate two waste-to-energy plants in Uzbekistan, with a total investment of $475 million, aiming to enhance its international presence and profitability while contributing to local economic development [1][2][3]. Investment Details - Total investment for the two projects is $475 million, with expected annual waste processing capacities of 837,500 tons and 502,500 tons, and annual electricity generation of 482 million kWh and 268 million kWh respectively [1]. - The construction period for both projects is 2 years, and the operational period is 30 years, with a post-tax internal rate of return of no less than 8% [1][6]. Strategic Importance - The investment aligns with the company's "Belt and Road" initiative and its "14th Five-Year Plan," aiming to enhance international operations and brand influence [1][2]. - The projects are expected to drive collaboration across various business sectors, including design consulting and advanced equipment manufacturing [1][3]. Market Context - Uzbekistan's stable political environment and strong economic growth, with GDP growth rates of 6% in 2023 and 6.5% in 2024, create a favorable backdrop for waste management solutions [5]. - The country's per capita GDP is projected to reach $3,093 in 2024, indicating a shift from traditional waste disposal methods to more advanced solutions [5]. Regulatory Environment - The Uzbek government has initiated policies to enhance waste sorting and processing efficiency, providing incentives for international investment in this sector [6]. - The projects are strategically located in high-density population areas, ensuring a strong potential for investment returns [6][7]. Future Prospects - The successful implementation of these projects is expected to position the company as a leader in integrated investment and operation projects in Uzbekistan and surrounding regions [7]. - The company aims to leverage its competitive advantages and established expertise in green infrastructure to support the transition of local infrastructure towards sustainability [4][7].

Group 1 - The core viewpoint emphasizes the ecological improvement and vibrant cultural activities in Putuo District, showcasing a commitment to green development and environmental protection [1][2][4] - In 2023, Putuo District achieved an air quality good days ratio of 88%, with PM2.5 concentration at 28 micrograms per cubic meter, and 100% compliance in water quality for 10 key monitoring points [1][2] - The district has implemented the "Beautiful Putuo Construction Three-Year Action Plan (2024-2026)" with 118 specific tasks aimed at pollution prevention, ecological restoration, spatial enhancement, and industrial transformation [2][6] Group 2 - Putuo District has established the first photochemical component automatic monitoring station in the city, which can analyze 116 types of volatile organic compounds (VOCs), improving ozone concentration by 10.2% year-on-year [2][3] - The district has built 10 surface water micro-automatic monitoring stations, achieving full coverage of 10 city monitoring points, with high compliance rates in water quality [3][6] - A biodiversity assessment conducted by East China Normal University recorded 692 terrestrial species and 214 aquatic species, highlighting the ecological diversity in the area [3][6] Group 3 - In 2023, Putuo District added 184,800 square meters of green space and two new urban parks, with a green coverage rate of 32.18% in the Peach Pu area [4][5] - The TOP Central Park serves as a significant low-carbon ecological construction project, providing a large public green space and hosting various cultural and recreational activities [4][5] - The district's initiatives have led to the successful organization of events like the "Half Marathon on Suzhou River," attracting 7,000 runners from 39 countries [5][6] Group 4 - The optimization of the ecological environment has spurred new development opportunities, with key industries like smart software, R&D services, and life sciences growing by 15.57% year-on-year [6][7] - The first "near-zero carbon park" in Putuo District integrates ecological landscape roads and green spaces, contributing to a carbon sink network [6][7] - Traditional manufacturing companies are also advancing resource conservation, with Schneider Electric achieving recognition as a "world-class end-to-end lighthouse factory" [7]

Core Viewpoint - The company has turned a profit in 2024, achieving a total operating revenue of 374 million yuan, a year-on-year increase of 46.58%, and a net profit attributable to shareholders of 2.54 million yuan, marking a turnaround from losses [2] Financial Performance - In the first quarter of 2025, the company reported an operating revenue of 49.95 million yuan, a year-on-year increase of 0.65%, and a net profit attributable to shareholders of 2.89 million yuan, a significant increase of 454.2% [4] - The gross margin for the first quarter was 18.71%, up by 14.37 percentage points year-on-year [4] Market Position and Competitiveness - The company holds a strong market presence in the domestic nuclear and thermal power water treatment sectors, being one of the few suppliers capable of providing condensate water treatment equipment that meets nuclear power plant production requirements [4][6] - By the end of 2024, the company had successfully provided hundreds of water treatment project systems to major energy groups, including China National Nuclear Corporation and China Huaneng Group [4][6] Technological Advancements - The company has developed a fourth-generation membrane electrode with a power density of 2.25 W/cm²@0.6V, which is considered a domestic leader in performance [5] - The company has mastered the high tower method for condensate water treatment, which features unique designs for resin separation and regeneration, addressing issues found in traditional methods [6][7] Strategic Partnerships and Recognition - Long-term collaborations with state-owned enterprises have created customer loyalty and project experience barriers [7] - The company has been recognized as a "National Specialized and Innovative 'Little Giant' Enterprise" and included in the national key equipment catalog, with its technology reaching international advanced levels [7] Research and Development Capabilities - The company has successfully developed high-performance automotive membrane electrodes, corrosion-resistant metal bipolar plates, and fuel cell engine systems, showcasing its multidimensional R&D capabilities [8] - The company has proprietary technologies in various components of hydrogen fuel cells, including low platinum membrane electrode technology and advanced bipolar plate coating technology [8]