Group 1 - Beijing's Development and Reform Commission has announced the "Beijing West Action Plan" focusing on key projects for 2025, including 95 major projects such as the Shougang Ski Jump and the renovation of the Shougang Park service trade fair venue [1] - The plan emphasizes the development of "Two Parks and One River," which includes the Garden Expo Park, Shougang Park, and Yongding River, aiming for coordinated development and ecological integration [1][2] - The initiative aims to enhance the region's industrial transformation by leveraging local resources and promoting the integration of culture, commerce, and tourism [2] Group 2 - The plan includes significant infrastructure improvements, such as enhancing transportation and public services, and constructing new educational and healthcare facilities to meet community needs [3] - Environmental sustainability is a key focus, with efforts to strengthen ecological protection and improve water quality, alongside initiatives to create a garden city and promote ecological product value realization [3]

证券代码：601200 证券简称：上海环境 公告编号：临 2025-0019 上海环境集团股份有限公司 （注：与总和产生差异是因四舍五入时有尾差造成） 公司 2025 年第一季度累计污水处理总量为 7,267.01 万吨，日均处理量为 80.74 万吨。以上数据源自公司的生产经营统计，未经审计，仅供投资者及时了 区域 累计发电量 （万度） 上网电量 （万度） 上网电价 （元/度） 已结算电量 （万度） 江苏省 7,070.99 6,143.80 0.65 6,036.83 山东省 14,106.77 12,387.04 0.65 12,215.44 福建省 11,287.77 9,522.15 0.65 7,771.28 河南省 6,578.90 5,633.67 0.65 5,633.67 安徽省 2,672.94 2,278.08 0.65 2,213.26 山西省 9,296.05 7,947.95 0.51~0.65 7,942.41 四川省 7,336.97 6,213.31 0.65 6,199.52 浙江省 15,421.86 13,047.70 0.65 12,889.62 上海市 57,31 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - As of April 25, 2025, the issuance of special refinancing bonds for replacing hidden debts has reached 80% of the 2 trillion yuan quota, indicating strong momentum in debt replacement efforts. The environmental sector, particularly in government-related debts, is expected to benefit significantly from this policy shift, which is supported by a more proactive fiscal policy in 2025 [2][4][15] Summary by Sections Background - Since November 2024, local debt replacement has accelerated, with a total of 2 trillion yuan in debt limits set for replacement from 2024 to 2026. The central government has emphasized the need to resolve local government debts and accelerate payments owed to enterprises [4][14] Progress - By April 25, 2025, a total of 1.59 trillion yuan in special refinancing bonds has been issued, all aimed at replacing hidden debts. The issuance has significantly increased compared to previous years, with 2025 showing a marked acceleration in bond issuance [5][25][28] Investment Logic - The debt replacement strategy is expected to provide substantial benefits to companies with receivables from government entities. Two investment strategies are recommended: 1. Value Side: Focus on sectors with large receivables and low risk, such as waste incineration and water operations, which are likely to see reduced bad debt risks and improved cash flow [7][41] 2. Elasticity Side: Target leading companies in water, waste incineration, and environmental services that have a high proportion of government receivables and are significantly impacted by credit impairment losses [7][41]

Core Insights - Beijing's Development and Reform Commission has outlined key initiatives for the implementation of the "Beijing West Action Plan (2022-2025)" by 2025, focusing on enhancing urban waterfront areas and infrastructure projects [1][2] Group 1: Key Focus Areas - The first focus area is the collaborative development of the Garden Expo Park, Shougang Park, and the Yongding River, aiming to create a vibrant waterfront area [2] - The second area emphasizes the acceleration of innovation in the Zhongguancun virtual reality industry park and the construction of the "5G+8K" ultra-high-definition demonstration park [2] - The third focus is on the protection and development of the Xishan Yongding River cultural belt, including the integrated operation of Wanping City, Museum Bridge, City Park, and Island [2] Group 2: Infrastructure and Public Services - The plan includes enhancing public services, such as expediting the construction of the subway Line 1 branch and improving transportation conditions in Shougang Park [2] - Projects like the construction of a supporting middle school in Yamenkou and the second phase of the Fuwai Hospital in the Xishan area are also prioritized [2] - The initiative aims to transform ecological advantages into developmental strengths, implementing water pollution prevention measures and creating demonstration areas for urban greenery [2] Group 3: Economic Growth Indicators - In the first quarter of 2025, the GDP growth of Shijingshan District reached 9%, while the GDP growth of Mentougou District was 5.8% [1]

Core Insights - The 26th China Environmental Expo was held in Shanghai, featuring 2,279 companies from 22 countries and regions, covering an exhibition area of 187,000 square meters [1] - Sinochem Environmental showcased its eight subsidiaries, emphasizing their core competencies in innovative technologies, products, and services across various environmental sectors [1][4] Group 1: Water Management - Sinochem Environmental Water (Jiangsu) Co., Ltd. highlighted the "Sinochem Environmental Yangzhou Huayu" project, which provides wastewater treatment services for over 40 enterprises in the Yangzhou Chemical Park, with a treatment capacity of 20,000 tons per day and 100% compliance with discharge standards [3] - The project incorporates photovoltaic green electricity for enhanced management efficiency and aims to create a smart water management system for digital transformation [3] Group 2: Soil and Resource Management - Sinochem Environmental Remediation (Shandong) Co., Ltd. focuses on sustainable solutions for saline-alkali land, integrating appropriate engineering techniques based on regional characteristics and land use [3] - The company aims to enhance the ecological value of saline-alkali land and achieve sustainable development through a comprehensive improvement technology system [3] Group 3: Waste Management and Recycling - Sinochem Environmental Technology Engineering Co., Ltd. presented initiatives for solid waste management reform, emphasizing source reduction and resource utilization [4] - The company showcased its capabilities in "green chemistry," "element cycling," "water cycling," and "soil health," providing innovative technologies, products, and services [4] Group 4: Innovation and Collaboration - Hangzhou Water Treatment Technology Research and Development Center Co., Ltd. introduced a selective nanofiltration membrane product that efficiently separates high-value metal ions from lithium brine, contributing to the low-carbon and green transformation of the membrane industry [4] - Sinochem Innovation (Beijing) Research Institute Co., Ltd. focused on technological innovation in water cycling, element cycling, and agricultural cycles, offering environmental consulting and training services [4] Group 5: Industry Engagement - The Sinochem Environmental booth attracted numerous leaders from the Chinese environmental industry, as well as international visitors from countries like Germany and Japan, fostering discussions on cutting-edge technologies and innovative solutions [5] Group 6: Future Commitment - Sinochem Environmental is committed to fulfilling its corporate mission, enhancing core competitiveness, and promoting green and low-carbon development to contribute to the construction of a beautiful China [7]

行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 2025 年 04 月 28 日 新能源装机首超煤电 欧美气价降至 近期新低 看好 ——申万公用环保周报(25/04/21~25/04/25) 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 电力：新能源装机历史性超越火电，清洁能源占比稳步提升。1-3 月我国新增发电装机容量达 8572 万千瓦，其中水电、火电、核电、风电、光伏装机新增容量分别为 213、925、0、1462、 5971 万千瓦，新能源新增装机贡献率达 86.7%。截至 ...

证券研究报告 一季度电力装机跟踪 关注海风及生物柴油机遇 公用事业 行业定期报告 hyzqdatemark 2025 年 04 月 28 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 投资评级： 看好（维持） ——大能源行业 2025 年第 17 周周报（20250427） 投资要点： 证券分析师 电力：风光装机首次超过火电，新政下光伏投产提速 风光装机首次超过火电，双碳战略效果显著。国家能源局于 2025 年 4 月 20 日发布 1-3 月全国电力工业 统计数据：截至 3 月底，全国累计发电装机容量 34.3 亿千瓦，同比增长 14.6%。其中，太阳能发电装机 容量 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in operational business and a gradual increase in dividends. The performance for 2024 and Q1 2025 aligns with expectations, with total revenue of 6.611 billion yuan in 2024 (up 1.36% year-on-year) and a net profit attributable to shareholders of 1.141 billion yuan (up 6.18% year-on-year) [6] - The company is actively expanding its waste incineration operations and enhancing sanitation services, with a significant increase in waste volume and energy generation. The company is also exploring resource recovery initiatives [6] - The water supply model in Xinyang is being successfully implemented and is expected to be replicated in other regions, with multiple wastewater projects being awarded [6] - The highway operations remain stable, with ongoing feasibility studies for potential upgrades [6] - Although operating cash flow has decreased, capital expenditures have significantly dropped, allowing for an increase in dividends [6] Financial Data and Profit Forecast - Total revenue is projected to be 6.740 billion yuan in 2025, with a year-on-year growth rate of 2.0% [5] - The net profit attributable to shareholders is expected to reach 1.187 billion yuan in 2025, reflecting a 4.0% year-on-year increase [5] - Earnings per share are forecasted to be 1.85 yuan in 2025, with a gross margin of 41.0% [5] - The return on equity (ROE) is projected to be 12.6% in 2025 [5] - The company is expected to maintain a price-to-earnings (PE) ratio of 8 in 2025, decreasing to 7 in subsequent years [5]

Group 1: Water Environment Protection - The State Council emphasizes the need for enhanced responsibility and mission in water pollution prevention, advocating for precise, scientific, and legal approaches to pollution control [1] - The ecological environment quality has improved significantly due to the "Blue Sky, Clear Water, and Clean Land" campaign, with a focus on addressing black and odorous water bodies and protecting water sources [1][2] - In 2024, the proportion of surface water quality in categories I to III reached 90.4%, an increase of 1.0 percentage points year-on-year, while the proportion of inferior category V water quality decreased to 0.6%, down by 0.1 percentage points [2] Group 2: Source Governance and Ecological Restoration - Future efforts will prioritize source governance over end-of-pipe treatment, integrating ecological considerations into water management, including the transformation of key industries and the recycling of water resources [3] - The meeting highlighted the importance of monitoring and managing pollution sources, particularly from industrial, domestic, and agricultural sectors, to prevent exceeding discharge standards [1][2] Group 3: Child Welfare and Medical Security - The meeting addressed the welfare of disadvantaged children, emphasizing the need for a comprehensive service system that includes basic living guarantees, medical rehabilitation, public education, and psychological support [3] - The draft of the Medical Security Law aims to enhance the medical security policy framework, protect the rights of insured individuals, and strengthen the supervision of medical insurance funds [4] Group 4: Nuclear Power Development - The meeting underscored the necessity of ensuring safety in nuclear power development, mandating adherence to the highest global safety standards in the construction and operation of nuclear power units [4]