Group 1 - The implementation of the "Beautiful Rivers and Lakes Protection and Construction Action Plan (2025-2027)" will drive the development of multiple industries, with companies encouraged to pay attention to local policy implementation to seize market opportunities [1][6] - The plan sets three phased goals for the construction of beautiful rivers and lakes, aiming for a completion rate of approximately 40% by 2027, significant results by 2030, and basic completion by 2035 [1][6] - The plan emphasizes the need for a comprehensive ecological environment governance system that connects upstream and downstream areas, focusing on improving water ecological environment quality [4][5] Group 2 - The concept of beautiful rivers and lakes includes stable water resources, effective ecological function maintenance, and significant improvement in water quality, enhancing public satisfaction with the ecological environment [2][4] - The plan outlines specific measures for pollution control, including the investigation and remediation of pollution sources along riverbanks, and the construction of urban sewage collection and treatment facilities [5][6] - Key industries expected to benefit from the plan include environmental technology and water treatment, ecological restoration and landscaping, new energy and green shipping, agricultural pollution control, water conservancy engineering, ecological tourism, environmental monitoring, and green finance [6]

Core Viewpoint - *ST Jinshi is set to have its delisting risk warning and other risk warnings removed starting May 23, 2025, with its stock name changing from "*ST Jinshi" to "Jinshi Technology" [1] Group 1: Financial Performance - In 2024, *ST Jinshi reported a total profit of 3.4933 million yuan, a net loss of 16.2248 million yuan, and a net profit attributable to shareholders of -4.397 million yuan, with a revenue of 370 million yuan [3] - The company plans to sell its 100% stake in Jinshi Printing to an affiliate for 300 million yuan, completing the divestiture by December 31, 2024 [3] - As of December 31, 2024, *ST Jinshi achieved revenue of 258 million yuan from its energy storage systems and 12 million yuan from energy storage safety systems [3] Group 2: Business Transformation - Following a strategic transformation, *ST Jinshi has established multiple production lines for supercapacitors and energy storage systems, indicating a recovery in operational capacity [3] - The company has approximately 332 million yuan in orders for energy storage systems and 27.27 million yuan in orders for energy storage safety systems [4] - The increase in revenue without profit in 2024 and Q1 2025 is attributed to the early-stage nature of the energy storage business, lower gross margins compared to peers, and increased expenses for market penetration and brand establishment [4] Group 3: Industry Context - The energy storage business of *ST Jinshi aligns with industry trends, and the company asserts that its revenue recognition practices are commercially reasonable and consistent with industry norms [4] - Other companies, such as *ST Nongshang, are also experiencing similar conditions, with their revenue and net asset figures meeting the criteria for the removal of delisting risk warnings [4][6]

Investment Rating - The report provides a positive investment rating for the industry, indicating strong growth potential and favorable market conditions [1]. Core Insights - The industry is expected to benefit from recent legislative changes aimed at enhancing ecological protection and sustainable resource management, which will drive investment opportunities [2][3]. - The implementation of various environmental laws and policies, such as the Forest Law and the Wetland Protection Law, is anticipated to create a more structured and supportive regulatory environment for industry players [4][5]. - The focus on carbon neutrality and ecological restoration initiatives is likely to open new avenues for investment, particularly in green technologies and sustainable practices [6][7]. Summary by Relevant Sections Legislative Framework - The report highlights key laws and policies that have been enacted, including the Forest Law (2019), Land Management Law (2019), and the Yangtze River Protection Law (2020), which collectively aim to strengthen environmental governance [2][3]. - Recent policies, such as the 2030 Carbon Peak Action Plan, emphasize the government's commitment to achieving sustainability goals, which will impact industry operations and investment strategies [4][5]. Market Opportunities - The industry is poised for growth due to increased government funding and support for ecological projects, as outlined in various administrative regulations [6][7]. - The establishment of a market-oriented ecological compensation mechanism is expected to incentivize private sector participation in environmental conservation efforts [8]. Challenges and Considerations - While the regulatory environment is becoming more favorable, companies must navigate the complexities of compliance with new laws and policies, which may require adjustments in operational strategies [2][3]. - The report suggests that companies focusing on innovation and sustainable practices will be better positioned to capitalize on emerging opportunities in the market [4][5].

激发核心员工的积极性，汇绿生态（001267）(001267.SZ)股票激励计划完成首次授予。 5月20日，汇绿生态发布关于2025年限制性股票激励计划首次授予登记完成的公告。公司限制性股票的 首次授予登记数量为464万股，授予价格为4.6元/股，涉及45名核心技术及业务骨干，无公司董事、高 管或持股5%以上股东参与。限制性股票的上市日期为2025年5月21日。 作为一家在园林绿化领域深耕多年的企业，汇绿生态已构建起覆盖设计、施工、苗木、运维的全产业链 体系。2024年，公司研发投入同比增长16.48%至413万元，持续推进冬青属植物种质创新与园林废弃物 资源化利用。 更引人注目的是其在光通信领域的跨界布局。通过收购武汉钧恒科技有限公司35%股权并于2025年初增 持至51%，汇绿生态正式控股这家位于武汉光谷、专注于光模块研发与制造的高新技术企业。 钧恒科技2024年实现营业收入6.67亿元、净利润6966.90万元，其自主研发的COB封装与硅光耦合技术 已广泛应用于AI、高性能计算、互联网数据中心等前沿领域，具有强劲的成长潜力。汇绿生态对该项 投资在2024年实现收益1379.91万元，提前验证了协同效应。 ...

Core Concept - The article emphasizes the importance of the "Big Agriculture" concept as a guiding worldview and methodology for modern agricultural development, highlighting its role in enhancing agricultural efficiency, rural vitality, and farmers' income [1][2]. Agricultural Development Concept Innovation - "Big Agriculture" contrasts with the traditional "Small Agriculture" concept, which is limited to small-scale farming and often disconnected from other industries. The historical small-scale farming model has led to inefficiencies and sustainability issues in agricultural development [1][2]. Adaptation to Modernization - The transition from "Small Agriculture" to "Big Agriculture" reflects the evolving understanding of agricultural development needs, with significant milestones in policy discussions since the 1990s [2]. Resource Perspective - "Big Agriculture" broadens the scope of agricultural resources beyond just arable land to include forests, grasslands, water bodies, and various biological resources, emphasizing a holistic approach to resource management [3]. Integrated Development - The concept promotes an integrated development model that encompasses the entire agricultural value chain, from production to processing, transportation, and consumption, thereby enhancing resilience and competitiveness [3][4]. Multifunctionality and Systematic Thinking - "Big Agriculture" recognizes the multifaceted roles of agriculture, including economic, social, ecological, and cultural functions, advocating for a systematic approach to agricultural development [4]. Green Development - The article stresses the need for sustainable practices in agriculture, promoting ecological, organic, and low-carbon farming methods to mitigate negative environmental impacts [4]. Diverse Pathways for Implementation - The implementation of "Big Agriculture" requires breaking traditional boundaries and emphasizing multi-functional, open, and integrated development, focusing on the synergy between different agricultural sectors [6]. Resource Utilization - Given the limited arable land in China, the article advocates for the comprehensive utilization of various agricultural resources, including non-traditional land types, to meet diverse agricultural demands [7]. Modern Agricultural Industry System - The development of a modern agricultural industry system is essential, with a focus on enhancing the entire agricultural value chain and promoting digital transformation [8]. Community Development - The article highlights the importance of integrating small farmers into the modern agricultural system, creating a community of shared interests and responsibilities [9]. Regional Adaptation - The development of modern agriculture should be tailored to regional characteristics, promoting large-scale agriculture in areas with sufficient land while supporting moderate-scale operations in regions with limited arable land [10][11]. Urban Agriculture - The article discusses the potential for developing modern urban agriculture in large cities, integrating agricultural functions with urban living and ecological considerations [11]. Specialty Agriculture - The promotion of specialty agriculture, leveraging unique regional resources, is seen as a promising avenue for modern agricultural development [12].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：605303 证券简称：园林股份 公告编号：2025-031 杭州市园林绿化股份有限公司 关于控股股东部分股份质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示: ● 杭州市园林绿化股份有限公司（以下简称"公司"、"上市公司"）控股股东杭州园融控股集团有限公司 （以下简称"园融集团"）持有公司股份78,471,600股，占公司总股本的48.67%。本次股份质押后，园融 集团累计质押公司股份42,840,000股，占其所持股份总数的54.59%，占公司总股本的26.57%。 ● 园融集团及其一致行动人合计持有公司股份93,326,600股，占公司总股本的57.88%。本次股份质押 后，园融集团及其一致行动人累计质押公司股份42,840,000股，占其所持股份总数的45.90%，占公司总 股本的26.57%。 一、上市公司部分股份质押 公司于2025年5月21日接到公司控股股东园融集团的通知，获悉其所持有公司的部分股份被质押，该股 份质押登记手续已办 ...

债券研究 证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250521 市场概况：今日转债半数行业下跌，估值环比抬升 指数表现：中证转债指数环比上涨 0.13%、上证综指环比上涨 0.21%、深证成 指环比上涨 0.44%、创业板指环比上涨 0.83%、上证 50 指数环比上涨 0.43%、 中证 1000 指数环比下降 0.23%。 市场风格：大盘成长相对占优。大盘成长环比上涨 0.78%、大盘价值环比上涨 0.46%、中盘成长环比上涨 0.52%、中盘价值环比上涨 0.70%、小盘成长环比 上涨 0.16%、小盘价值环比上涨 0.31%。 资金表现：转债市场成交情绪减弱。可转债市场成交额为 551.88 亿元，环比 减少 4.69%；万得全 A 总成交额为 12143.73 亿元，环比增长 0.26%；沪深两 市主力净流出 229.13 亿元，十年国债收益率环比上升 0.96bp 至 1.71%。 转债价格：转债中枢提升，高价券占比下降。转债整体收盘价加权平均值为 119.50 元，环比昨日上升 0.13%。其中偏股型转债的收盘价为 156.03 元，环比 下降 1.77%；偏债型转债的收盘价 ...

Core Viewpoint - Wuhan Nongshang Environment Co., Ltd. reported significant revenue growth in 2024, but faced a substantial decline in net profit and cash flow, raising concerns about the authenticity and accuracy of revenue recognition practices [2][5][12]. Financial Performance - The company achieved operating revenue of 232 million yuan in 2024, a year-on-year increase of 224.30%, with Q4 revenue of 125 million yuan accounting for 54.17% of total revenue [2][5]. - The net profit attributable to shareholders was -77.08 million yuan, a decline of 158.96% year-on-year, and the net cash flow from operating activities was -43.12 million yuan, down 291.85% [2][5]. Revenue Recognition and Audit Procedures - The audit procedures included verifying sales contracts, assessing internal controls, and confirming customer operations through site visits to ensure revenue recognition complied with accounting standards [2][3][4]. - The audit firm confirmed that the revenue changes during the reporting period did not show significant anomalies and that sufficient audit evidence was obtained to support the authenticity and accuracy of the reported revenue [2][5]. Business Segments - The landscape construction business generated 110 million yuan in revenue, accounting for 47.68% of total revenue, with a year-on-year growth of 69.29% [5][9]. - The cost of landscape construction projects was 101 million yuan, reflecting a year-on-year increase of 75.66% [5][9]. Market Conditions and Challenges - The real estate sector's downturn has intensified competition in the landscape construction market, leading to pressure on project costs and profit margins [9][12]. - The company has been actively reducing the scale of its landscape construction business and focusing on cost reduction and efficiency improvement strategies [12][24]. New Business Development - In 2023, the company began its foray into the computing power service sector, with this segment contributing 46.66% to total revenue in 2024, indicating a strategic shift towards new business models [12][24]. - The computing power service business includes various segments such as customized equipment sales, leasing, and data center construction, which are expected to enhance customer acquisition capabilities [12][24]. Customer Base and Revenue Sustainability - The company has established a diverse customer base in the computing power service sector, which is crucial for sustainable revenue growth [22][24]. - The main cost components for the computing power service business include fixed asset depreciation, raw material inputs, and labor costs, with a stable procurement channel established to ensure material supply [22][23].

Core Viewpoint - Wuhan Nongshang Environment Co., Ltd. reported a significant increase in revenue for 2024, achieving 2.32 billion yuan, a year-on-year increase of 224.30%, while net profit decreased to -77.08 million yuan, a decline of 158.96% [1][18]. Group 1: Financial Performance - The company achieved a total revenue of 2.32 billion yuan in 2024, with a notable contribution from the fourth quarter, which accounted for 54.17% of the annual revenue [1]. - The net profit for 2024 was -77.08 million yuan, reflecting a significant decline compared to the previous year [18]. - The net cash flow from operating activities was -43.12 million yuan, a decrease of 291.85% year-on-year [18]. Group 2: Business Segments - The company has diversified its operations into five core areas within the comprehensive computing service sector, generating 108.08 million yuan in revenue, which represents 46.66% of total revenue [3]. - The display driver chip segment generated 11.13 million yuan, accounting for 4.81% of total revenue, with the global market for display driver chips expected to grow significantly [4]. - The landscaping construction business generated 110.85 million yuan, making up 47.85% of total revenue, primarily driven by previously contracted projects [5][12]. Group 3: Industry Environment - The comprehensive computing service industry is experiencing rapid growth due to advancements in artificial intelligence and the increasing demand for AI-ready data center facilities [2]. - The landscaping industry is facing challenges due to market fluctuations and reduced demand from the real estate sector, prompting the company to implement strategies to mitigate risks [5][14]. - The display driver chip market in China reached approximately 41.6 billion yuan in 2023, with expectations for further growth in 2024 [4]. Group 4: Cash Flow and Receivables - The company reported a cash flow from operating activities that does not exhibit seasonal distribution, with fluctuations attributed to timing differences in cash receipts and payments [14]. - As of the end of 2024, the company’s receivables from landscaping projects showed a lower aging ratio compared to industry averages, indicating effective receivables management [17]. - The company plans to focus on improving receivables collection and managing cash flow to support sustainable growth [18]. Group 5: Future Strategy - The company aims to strategically reduce its landscaping business while focusing on the growth of the comprehensive computing service and display driver chip segments [14]. - The transition towards these core business areas is expected to mitigate the impact of seasonal fluctuations on revenue [14]. - The company is committed to enhancing its asset quality and managing risks associated with its operations [18].

近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.05.20 | 10.09 | 1.29 | 2391.16 | | 2025.05.19 | 10.10 | 4.57 | 4796.24 | | 2025.05.16 | 0.00 | 1.12 | 751.81 | | 2025.05.15 | -0.50 | 0.94 | 3.93 | | 2025.05.14 | 0.51 | 1.15 | 471.61 | | 2025.05.13 | -1.00 | 0.95 | -684.51 | | 2025.05.12 | -2.44 | 1.63 | -1288.23 | | 2025.05.09 | 0.49 | 1.37 | 161.07 | | 2025.05.08 | 0.00 | 1.66 | -699.20 | | 2025.05.07 | 1.49 | 1.98 | -111.79 | 棕榈股份盘中涨停，已连收3个涨停板，截至10:04，该股报2.64元，换手率8.75%，成交量1 ...