华骐环保（300929）(300929.SZ)发布公告，公司控股股东的一致行动人王爱斌、刘光春拟通过集中竞 价交易方式合计减持股份数量不超过132.13万股，减持比例不超过公司总股本的1%。 ...

Core Viewpoint - The company Han Jian He Shan plans to transfer 99.9% of its subsidiary Qingqing Environmental Equipment Co., Ltd. at a price of 0 yuan, while also waiving part of its debts, in an effort to optimize its asset structure and reduce operational burdens [1][2]. Group 1: Transaction Details - The transfer of Qingqing Environmental is to Hebei Qingneng Environmental Engineering Co., Ltd., with the transaction price set at 0 yuan based on an assessment report indicating a net asset value of -28.43 million yuan and an assessed value of -20.59 million yuan as of August 31, 2025 [1]. - Han Jian He Shan will waive 3.90 million yuan of the 11.40 million yuan in other receivables related to Qingqing Environmental, with the remaining 7.50 million yuan to be repaid in three installments by December 31, 2027, at an annual interest rate of 1.5% [1]. Group 2: Financial Performance of Qingqing Environmental - After the performance commitment period ended in 2020, Qingqing Environmental's financial situation deteriorated significantly, with revenue dropping from 292 million yuan in 2021 to 101 million yuan in 2023, and gross margin falling from 33.31% to 3.52% [2]. - The company reported consecutive net losses, with a loss of 76.04 million yuan in 2023, attributed to a sharp decline in core market orders and challenges in exploring new markets [2]. Group 3: Legal Issues Impacting Operations - Qingqing Environmental faced legal challenges, including a contract dispute with Guangxi Guigang Steel Group, resulting in a court ruling that not only rejected a claim for 18.80 million yuan but also required the return of 43.20 million yuan in received project payments, leading to an estimated profit reduction of 49.54 million yuan for Han Jian He Shan in 2024 [2]. Group 4: Company Strategy and Recent Performance - Han Jian He Shan aims to optimize its asset structure and reduce management costs, aligning with its strategy to focus on core business areas, particularly in the PCCP (prestressed concrete cylinder pipe) sector [2]. - In the first three quarters of the year, Han Jian He Shan reported a revenue of 548 million yuan, a year-on-year increase of 37.39%, and a net profit of 9.76 million yuan, up 123.72% [3]. - The company has secured multiple project bids, including a water supply project worth 388 million yuan, which represents 49.26% of its audited revenue for 2024, and a contract with China Nuclear Industry Huaxing Construction Co., Ltd. for 207 million yuan, accounting for 26.29% of the same revenue [3].

Core Viewpoint - The company, Xingyuan Environment, has corrected its financial report for Q3 2025, adjusting its revenue and cost figures to provide a more accurate reflection of its financial status and operational results [1] Financial Adjustments - The company reduced its Q3 2025 revenue from approximately 260 million yuan to about 238 million yuan, a decrease of 22.33 million yuan [1] - Year-to-date revenue was adjusted from around 732 million yuan to approximately 709 million yuan, reflecting a similar reduction [1] - Corresponding adjustments were made to the operating costs, aligning with the changes in revenue [1] Reason for Correction - The correction was prompted by the company's first engagement in an artificial intelligence computing power center project, which involved hardware delivery and installation services [1] - Initially, the company recognized revenue using the gross method based on its assessment as the primary responsible party under accounting standards [1] - After discussions with the auditing firm during the annual report review, the company determined that control over inventory was "transitional" and opted for the net method to recognize revenue, adhering to the principle of prudence [1]

Core Viewpoint - China Electric Environmental Protection (300172.SZ) has signed a procurement contract for the EPC desalination system for the Shaanxi Coal Yulin Chemical 15 million tons/year coal quality clean and efficient conversion demonstration project with Donghua Engineering Technology Co., Ltd. The total contract amount is RMB 125.7 million (including tax) [1]. Group 1 - The contract is specifically for the first phase of the project, which includes the desalination water station and heat exchange station [1]. - The total contract value is RMB 125.7 million, indicating a significant investment in the project [1].

Core Viewpoint - China Electric Environmental Protection (300172) has signed a procurement contract worth 125.7 million RMB (including tax) with Donghua Engineering Technology Co., Ltd. for the first phase of the desalted water station and heat exchange station equipment in the Shaanxi Coal Yulin Chemical 15 million tons/year coal quality clean and efficient conversion demonstration project [1] Group 1 - The contract number for the procurement agreement is 202521-D1-U237-P001 [1] - The project involves the procurement of a complete set of desalted water systems [1] - The total contract amount is 125.7 million RMB, which is approximately 17.5 million USD based on current exchange rates [1]

Investment Rating - The report maintains a "Recommended" investment rating for the environmental and public utility sector [2] Core Insights - The environmental and public utility sectors have shown an upward trend, with the environmental index increasing by 1.59% and the public utility index by 0.89% [5][10] - The coal industry is experiencing a decline in production, with national raw coal output decreasing by 3.8%, 3.2%, and 1.8% in July, August, and September respectively [5] - The report highlights the introduction of new pricing regulations for transmission and distribution, encouraging the exploration of capacity pricing for cross-regional projects [8][50] - The report suggests focusing on investment opportunities in the power sector, particularly recommending companies like Guodian Power and Anhui Energy [5] Summary by Sections Key Event Interpretations - New transmission and distribution pricing regulations have been released, promoting capacity pricing for cross-regional projects [8] - The oil and gas extraction sector has been included in the carbon market, incentivizing methane reduction [9] Market Review - Both the environmental and public utility sectors have seen increases, with the environmental sector outperforming the market with a cumulative increase of 16.94% in 2025 [10] - The power sector has lagged behind, with a cumulative increase of only 2.43% [10] Key Data Tracking - As of November 28, 2025, the price of Qinhuangdao 5500 kcal thermal coal is 820 CNY/ton, remaining stable week-on-week [24] - The average price of LNG at the port is 10.94 USD/million BTU (4026 CNY/ton), down 4.42% from the previous week [37] - The weighted average electricity price in Guangdong reached a peak of 252.14 CNY/MWh on November 24, 2025, an increase of 10.7% [41] Industry Key Events - The Hebei Development and Reform Commission has issued a work plan for long-term electricity trading in 2026 [49] - The National Development and Reform Commission has published new pricing methods for cross-regional transmission projects [50]

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 站玩人行业 证券分析师 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 申万宏源研究微信服务号 — 申万公用环保周报(25/11/24~25/11/28) 本期投资提示: 公用事亦 2025 年 12 月 01 日 相关研究 多地规范售电批零价差 欧亚 第12年 请务必仔细阅读正文之后的各项信息披露与声明 电力：广东发函规范售电批零价差。广东电力交易中心发布关于征求广东电力零售市场交易结算 有关事项意见的函（广东交易函〔2025〕11 号)。自 2026 年起，拟对各售电公司月度平均度电 批零差价高于差价收益上限 0.01 元/千瓦时的部分，按照 1:9 比例由售电公司与零售用户分享。今 年以陕西、安徽、四川、山东、新疆为代表的多个省区相继出台针对售电公 ...

Group 1 - The company, Green Power Environmental (01330), has issued its first medium-term note for 2025, with a total issuance size of RMB 500 million [1] - The funds raised from the issuance have been fully received as of November 28, 2025 [1] - The medium-term note, referred to as "25 Green Power MTN001," has a term of 3 years and an interest rate of 2.00% [1]

Group 1 - The core point of the article is that China Electric Environmental Protection (SZ 300172) has signed a procurement contract worth 125.7 million RMB for a desalination system as part of a large-scale coal-to-chemical project in Yulin, Shaanxi [1] - The contract is part of the first phase of the project, which aims to demonstrate efficient and clean conversion of coal [1] - As of the report, China Electric Environmental Protection has a market capitalization of 3.9 billion RMB [1] Group 2 - In terms of revenue composition for the year 2024, water environment governance accounts for 69.89%, solid waste disposal for 19.4%, flue gas governance for 8.41%, and other businesses for 2.29% [1]

Core Viewpoint - China Electric Environmental Protection (300172.SZ) has signed a procurement contract for the first phase of the desalination water station and heat exchange station equipment for the Shaanxi Coal Yulin Chemical 15 million tons/year coal quality clean and efficient conversion demonstration project, with a total contract value of RMB 125.7 million (including tax) [1] Group 1 - The contract is with Donghua Engineering Technology Co., Ltd. for the EPC desalination water system [1] - The project involves the production of olefins, aromatics, and deep processing [1] - The total contract amount is RMB 125.7 million, highlighting the scale of investment in clean energy technology [1]