本报讯(记者张敏) 回溯双方合作历程，2021年，双方首次携手合作法国巴黎Valo'Marne垃圾焚烧发电厂项目，奠定合作基 石；2023年，合作再度升级，中国天楹与苏伊士旗下法国子公司签署总价3462万欧元的《Novasteam垃 圾焚烧发电厂焚烧炉及锅炉设备销售合同》。 在全球环保产业蓬勃发展的背景下，中国天楹的海外扩张步伐持续提速，海外布局精准契合全球环保产 业发展趋势。分析人士指出，未来欧洲垃圾焚烧发电行业迎来更新换代的关键期，随着此次订单的落 地，中国天楹在欧洲市场的业务有望实现跨越式突破。 除深耕欧洲市场外，公司在东南亚地区的布局亦取得显著成效。除了位于越南河内的日处理4000吨垃圾 焚烧发电项目外，公司在越南河内、富寿、清化以及新加坡大士等多个项目也在稳步推进中，逐步形成 区域协同效应。 作为中国环保产业"走出去"的领军企业，中国天楹正以技术输出、项目合作、标准共建的多元模式，深 度融入全球绿色发展格局。 展望未来，中国天楹表示，此次图卢兹项目的成功合作，为该公司与苏伊士集团创造了新的合作起点， 双方将以此为契机，充分发挥各自在技术研发、市场拓展等方面的互补优势，共同探索更多国际合作机 遇。 记 ...

证券日报网12月10日讯中国天楹在12月10日回答调研者提问时表示，今年8月，公司越南河内朔山生活 垃圾焚烧发电项目完成扩容COD验收，项目总装机容量从75MW提升至90MW并全面进入商业运营，进 一步巩固了公司在越南环保能源市场的领先地位。该项目作为中国企业在海外投资的最大垃圾焚烧发电 厂，是绿色标志性工程。此外，公司在越南清化省、富寿省等地的新项目继续稳步推进，未来将借助标 杆项目的示范效应，持续开拓东南亚市场。除此之外，公司的环保设备制造与环卫服务也协同发力，完 善产业生态。作为国家级制造业单项冠军企业，公司拥有世界顶级环保装备制造能力，核心炉排炉技术 连续多年保持高市场认可度，设备出口覆盖法国、新加坡、马尔代夫等多个国家。随着业务持续高速发 展，公司未来将致力于成为具有全球竞争力的环保新能源综合服务商。 （文章来源：证券日报） ...

（编辑 任世碧） 证券日报网12月9日讯 博盈特焊在12月9日回答调研者提问时表示，垃圾焚烧市场主要分为境内市场和 海外市场。近年来受复杂的经济环境影响，新建垃圾焚烧锅炉项目有所减少，境内市场新增项目速度放 缓，但仍存在新增与升级改造的需求。相比境内市场，海外市场存在较为广阔的市场空间。在以东南 亚、中亚、拉美国家为代表的发展中国家及地区，快速城市化导致垃圾产生量激增，部分国家面临"垃 圾围城"的形势，传统的垃圾填埋方式已无法满足当地的需求，面临着严峻的垃圾处理压力，垃圾焚烧 发电作为将垃圾资源化、无害化的有效手段，成为这部分国家及地区处理垃圾的必然选择，越南、泰 国、印尼等国家将垃圾焚烧列为国家战略，政府出台垃圾处理费补贴、上网电价优惠等政策，大力推动 垃圾焚烧发电的进程。而在以欧洲、北美为代表的发达国家和地区，垃圾焚烧行业发展相对成熟，垃圾 焚烧设施数量较多，但由于发达国家和地区垃圾焚烧设施建设时间较早，垃圾焚烧锅炉存在升级、改造 需求，使得市场需求进一步提升。 ...

记者查询全国其他地方的公开数据，也发现一些城市的生活垃圾焚烧企业存在类似的情况。2024年天津生活垃圾焚烧总处理能力为每天18000吨，实际 平均每天处理11000多吨；河南驻马店设计总处理能力为每天6400吨，实际平均每天处理5100多吨；河北廊坊设计总处理能力为每天8450吨，实际平均每天 处理7200多吨。 前些年，在很多人的印象里，垃圾围城是不少城市面临的困境。为了破解这一难题，各地纷纷兴建垃圾焚烧发电厂，让垃圾变废为宝，这本来是件好 事。但是不久前有观众反映：现在不比以前，有些地方垃圾不够烧了，焚烧厂面临"无米下锅"。垃圾焚烧厂怎么会吃不饱呢？从"垃圾围城"到"垃圾紧缺"， 究竟是什么原因？现代化垃圾焚烧厂，该如何健康运行下去？焦点访谈记者前往陕西河北多地进行调查。 陕西省渭南市的蒲城天楹生活垃圾焚烧发电厂，2022年底建成投产，设计日处理生活垃圾500吨，是当地实现垃圾"无害化、资源化"处理的关键环保工 程。在投产之初，就遭遇了"垃圾短缺"的窘境。 记者在4座城市调研的10家生活垃圾焚烧发电企业里，存在垃圾缺口的情况并不少见。有5座产能利用率能达到80%左右，还有4座垃圾缺口较大的企 业，基本上在 ...

央视网消息（焦点访谈）：前些年，在很多人的印象里，垃圾围城是不少城市面临的困境。为了破解这一难题，各地纷纷兴建垃圾焚烧发电厂，让 垃圾变废为宝。这本来是件好事，但是不久前有观众反映：现在不比以前，有些地方垃圾不够烧了，焚烧厂面临无米下锅。垃圾焚烧厂怎么会"吃不 饱"呢？从"垃圾围城"到"垃圾紧缺"，究竟是什么原因？现代化垃圾焚烧厂，该如何健康运行下去？《焦点访谈》记者前往陕西、河北多地进行调 查。 陕西省渭南市的蒲城天楹生活垃圾焚烧发电厂，2022年底建成投产，设计日处理生活垃圾500吨，是当地实现垃圾"无害化、资源化"处理的关键环保 工程，在投产之初，就遭遇了"垃圾短缺"的窘境。 记者在4座城市调研的10家生活垃圾焚烧发电企业里，存在垃圾缺口的情况并不少见。有5座产能利用率能达到80%左右，还有4座垃圾缺口较大的企 业基本上在亏损的区间运行。 记者查询全国其他地方的公开数据，也发现一些城市的生活垃圾焚烧企业存在类似的情况。2024年，天津生活垃圾焚烧总处理能力为每天18000吨， 实际平均每天处理11000多吨；河南驻马店设计总处理能力为每天6400吨，实际平均每天处理5100多吨；河北廊坊设计总处理能力为 ...

Core Viewpoint - The environmental protection industry is expected to improve in operational performance and valuation due to policy incentives and market mechanisms during the "14th Five-Year Plan" period, with a focus on recycling economy, green energy, and domestic substitution [2][5]. Group 1: Industry Performance and Valuation - As of December 1, 2025, the Shenwan (2021) environmental protection industry index has increased by 16.67%, ranking 17th among 31 industries [2][3]. - The overall PE of the environmental protection sector is 35.94X, showing a significant increase compared to the first half of 2024 [2][3]. - In the first three quarters of 2025, the total market value of environmental stocks held by funds reached 5.56 billion, accounting for 0.18% of total holdings, primarily focusing on water treatment, waste incineration power generation, and environmental equipment [2][3]. Group 2: Investment Opportunities - Three main investment lines are identified within the environmental protection sector: 1. The recycling economy is expected to release potential, particularly in the fields of recycled plastics and metals. The goal is to achieve an annual utilization of approximately 4.5 billion tons of solid waste by 2030, with a 45% increase in resource output rates compared to 2020 [2][3]. 2. Under the "dual carbon" goals, green energy is anticipated to contribute significantly. The aim is to reduce greenhouse gas emissions by 7%-10% from peak levels by 2035, with a focus on promoting bio-jet fuel and green methanol [3][4]. 3. Domestic substitution and intelligent upgrades are expected to invigorate the sector, particularly in scientific instruments and sanitation equipment, with a notable increase in demand for new energy sanitation vehicles [4][5]. Group 3: Recommended Companies - For the recycling economy, companies such as Yingke Recycling, High Energy Environment, and Fuchun Environmental are recommended [5]. - In the green energy sector, key recommendations include Xingrong Environment, Hongcheng Environment, and Hanlan Environment, with additional attention to Jiaao Environmental and Wangneng Environment [5]. - For domestic substitution, companies like Xuedilong, Juguang Technology, and Puni Testing are highlighted as having significant investment value [5].

Core Viewpoint - The excavation and remediation of the Yulong landfill in Shenzhen, the largest landfill in China, is aimed at environmental restoration rather than addressing a shortage of waste for incineration. This project exemplifies the shift from relying on new waste to utilizing existing waste for ecological benefits [1][2]. Industry Overview - The Yulong landfill processes over 6,000 cubic meters of waste daily and can generate enough electricity to meet the annual needs of 26,000 households through incineration [1]. - As of October 2024, there are 1,010 incineration enterprises in China, with a total incineration capacity of approximately 1.11 million tons per day, exceeding the targets set in the 14th Five-Year Plan [2]. - Some incineration plants are facing underutilization, with one facility designed for 180,000 tons per year only processing over 60,000 tons [2]. Regional Disparities - The distribution of waste incineration capacity is uneven across regions, with most facilities located in economically developed or densely populated areas [3]. - There is a need for incineration facilities to handle various types of solid waste, including urban sludge and industrial waste, to enhance their overall effectiveness [3]. Importance of Waste Classification - Waste classification is crucial for improving the calorific value of waste, reducing harmful emissions, and enhancing energy recovery efficiency during incineration [4][5]. - The transition from mixed waste collection to classified collection is underway, with a four-level collection model being adopted [5]. - Proper waste classification can significantly improve the efficiency of energy recovery and reduce operational costs associated with supplementary fuel for incineration [5][6]. Industry Challenges - The industry faces challenges such as public opposition to incineration facilities, long investment recovery periods, and financial pressures on operators [7]. - There is a need for improved technologies for flue gas purification and ash treatment, as well as better public acceptance to promote the application of waste-to-energy projects [7]. - The average energy conversion efficiency of waste incineration has been steadily increasing, but significant differences exist between cities [8]. Recommendations for Improvement - The industry should focus on enhancing flue gas purification, optimizing waste treatment technologies, and improving public communication regarding the safety and environmental benefits of modern incineration technologies [8].

Core Viewpoint - The company has successfully transformed waste into energy through advanced waste incineration technology, contributing significantly to environmental sustainability and energy production in Hainan [6][12]. Group 1: Company Overview - Established in December 2008, the company focuses on urban waste incineration and power generation, aligning its growth with Hainan's green development initiatives [7]. - The core project, located in Chengmai County, has a daily waste processing capacity of 600 tons per incinerator, with a total installed capacity of 88 megawatts [7][12]. - The company processes approximately 235 million tons of waste annually, generating around 1 billion kilowatt-hours of green electricity, enough to power 300,000 households for a year [12][14]. Group 2: Environmental Impact - The company employs advanced technologies to ensure emissions meet or exceed local standards, significantly reducing environmental impact throughout the waste processing cycle [8][11]. - The waste incineration process operates at temperatures above 850 degrees Celsius, effectively breaking down harmful substances [8]. - The company has also taken on the responsibility of processing legacy waste, contributing to local environmental management efforts [11]. Group 3: Economic and Policy Support - The implementation of tax incentives under the Hainan Free Trade Port policy has reduced operational costs and enhanced profit margins for the company [11]. - The company actively engages in social responsibility initiatives, including the safe disposal of confiscated illegal items [11]. Group 4: Future Plans - The company aims to expand its operations beyond waste incineration to include solid waste resource utilization and collaborative treatment of kitchen waste and feces [13][14]. - Future projects include the construction of new waste processing facilities to enhance waste disposal capabilities in the Hainan Free Trade Port area [14].

Core Viewpoint - The company, Guangda Environment, has officially initiated its "back to A-share" listing process, which is expected to enhance its financing channels and improve its valuation due to higher average valuations in the A-share market compared to the Hong Kong market [1][2]. Summary by Sections Company Announcement - Guangda Environment's board has approved a preliminary proposal to issue RMB shares and list them on the Shenzhen Stock Exchange, contingent on market conditions, shareholder approval, and necessary regulatory approvals [1]. - The initial plan proposes to issue no more than 800 million A-shares, which would account for 11.52% of the company's expanded share capital post-issuance [1]. Market Context - The "back to A-share" listing is expected to further broaden the company's financing channels and optimize its capital structure, as A-share listed companies in the environmental sector generally have higher valuations than their Hong Kong counterparts [2]. - According to Bloomberg data, the average valuation for A-share environmental waste-to-energy companies is projected at 13.4 times PE for 2025, compared to 9.2 times PE for Hong Kong companies, indicating a 46% valuation premium for A-shares [2]. Operational Performance - Guangda Environment has successfully operated 159 waste-to-energy projects with a design capacity exceeding 50 million tons per year, leading to continuous growth in waste processing and electricity generation [2]. - The company has achieved positive free cash flow since 2024, driven by refined operations and increased cash returns from its heating and steam supply business [2]. International Expansion - The company is actively expanding its environmental energy projects in overseas markets, particularly in Central Asia, with two waste-to-energy projects in Uzbekistan, totaling a design capacity of 3,000 tons per day [2][3]. - Future market focus includes Indonesia, Vietnam, and Central Asia to enhance its overseas project reserves [3]. Financial Outlook - The company maintains a "buy" rating with a target price of HKD 5.80, corresponding to a projected PE of 10 times for 2025, and offers an attractive dividend yield of 5.1% for 2026 [3]. - Profit forecasts for the company are projected at HKD 3.57 billion, HKD 3.79 billion, and HKD 3.98 billion for the years 2025, 2026, and 2027, respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.80, corresponding to a 10x forecast PE for 2025 [1][4][6]. Core Insights - The company has officially initiated the process for a "back to A-share" listing, which is expected to enhance its valuation as A-share environmental companies generally have higher valuations compared to their Hong Kong counterparts [2][3]. - The proposed issuance of up to 800 million A-shares aims to raise funds for business development and working capital, with the new shares representing approximately 11.52% of the expanded share capital post-issuance [2][3]. - The average PE for A-share environmental companies is projected at 13.4x for 2025, compared to 9.2x for Hong Kong-listed companies, indicating a 46% valuation premium for A-shares [3][11]. - The company has achieved positive free cash flow since 2024, driven by operational efficiency and increased cash inflows from its heating and steam supply business [3][4]. - The company is expanding its environmental energy projects in overseas markets, particularly in Central Asia, with two waste-to-energy projects in Uzbekistan [4]. Financial Summary - The company’s revenue for FY 2023 is reported at HKD 32,090 million, with a projected decline to HKD 29,513 million in FY 2025, followed by a slight recovery in subsequent years [10][12]. - Net profit is expected to decrease from HKD 4,429 million in FY 2023 to HKD 3,568 million in FY 2025, with a gradual increase to HKD 3,975 million by FY 2027 [10][12]. - The company’s dividend yield is projected to be 5.1% in 2026, making it an attractive investment option [4][10].