以下文章来源于酷玩实验室 ，作者酷玩实验室 酷玩实验室 . 关注中国科技发展与产业升级！ 焚烧技术太先进了。 来源｜ 酷玩实验室（ID：coollabs） 封面来源 ｜ Unsplash 挖 垃圾祖 坟 封场20年的祖传垃圾山，最近要被彻底 "挖祖坟" 了。 位于深圳罗湖的"玉龙填埋场"，是深圳最早的简易生活垃圾填埋场，建于1983年，1997年停用，2005年底实施封场，总堆填垃圾约250万立方米，足以填满 1000个国际标准泳池。 这封场20年可不是装了20年，而是距离"装满"都过了如此之久。 450万吨垃圾 如今玉龙填埋场不仅位于城市核心地带，其潜在的臭气、渗滤液、地下水污染以及地质灾害风险等问题也很突出。 为了环保处理这座巨型垃圾山，整体清运过程像是在"剥洋葱"： 渣土经检测合格后外运；建筑垃圾综合利用；生活垃圾经筛分后，轻质物进入龙岗能源生态园进行焚烧发电，腐殖土进入下坪环境园填埋，无 机骨料综合利用，库底污染土进入稳定化处理车间，经检测合格后外运。 作为目前全国体量最大、全量开挖的垃圾搬迁治理工程，现场每天将筛分6000吨、约460车垃圾进行资源化处理。 在完成处理后，当地将释放近30万平方米的土 ...

| 证券代码：601330 | 证券简称：绿色动力 | 公告编号：临 2026-004 | | --- | --- | --- | | 转债代码：113054 | 转债简称：绿动转债 | | 绿色动力环保集团股份有限公司 2025 年第四季度主要经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》， 绿色动力环保集团股份有限公司（以下简称"公司"）现将公司垃圾处理业务 2025 年第四季度主要经营数据公告如下： 据公司初步统计，2025 年第四季度公司下属子公司合计垃圾进厂量为 380.76 万吨，发电量为 137,336.32 万度，上网电量为 115,299.32 万度，供汽 量为 33.24 万吨。2025 年下属子公司累计垃圾进厂量为 1,472.96 万吨，同比增 长 2.41%；累计发电量为 524,008.60 万度，同比增长 1.80%；累计上网电量为 435,928.29 万度，同比增长 2.31%，累计供汽量为 112.05 万吨 ...

Core Viewpoint - Longkun Technology is progressing with the construction of the organic waste resource comprehensive treatment center project in Tongzhou, Beijing, which has a daily processing capacity of 2,100 tons and is expected to be operational in the second half of 2026 [1] Group 1 - The project is being developed in accordance with government requirements and is steadily advancing [1] - The expected completion and operational date for the project is the second half of 2026 [1]

挖垃圾祖坟 封场20年的祖传垃圾山，最近要被彻底"挖祖坟"了。 位于深圳罗湖的"玉龙填埋场"，是深圳最早的简易生活垃圾填埋场，建于1983年，1997年停用，2005年底实施封场，总堆填垃圾约250万立方米，足以填 满1000个国际标准泳池。 这封场20年可不是装了20年，而是距离"装满"都过了如此之久。 450万吨垃圾 如今玉龙填埋场不仅位于城市核心地带，其潜在的臭气、渗滤液、地下水污染以及地质灾害风险等问题也很突出。 为了环保处理这座巨型垃圾山，整体清运过程像是在"剥洋葱"： 渣土经检测合格后外运；建筑垃圾综合利用；生活垃圾经筛分后，轻质物进入龙岗能源生态园进行焚烧发电，腐殖土进入下坪环境园填埋，无 机骨料综合利用，库底污染土进入稳定化处理车间，经检测合格后外运。 01 其中一大原因——焚烧技术太先进了。 欧美垃圾分类做得早，垃圾种类也比较"干"，它们的炉子习惯了吃精粮，而中国垃圾含有大量厨余"湿垃圾"，水分大、热值波动大，含水率经常超过 55%。 由于厨余垃圾混杂，热值极低，强行燃烧不仅火苗暗淡，还更容易产生比砒霜毒数倍的二噁英。 作为目前全国体量最大、全量开挖的垃圾搬迁治理工程，现场每天将筛分6000 ...

Financial Data and Key Metrics Changes - The company reported a record performance in operating expenses as a percentage of revenue, with Operating EBITDA margin increasing by 150 basis points in the legacy business [8][12] - Full-year Operating EBITDA margin reached 30.1%, despite a 140 basis point headwind from the acquisition of the Healthcare Solutions business and the expiration of alternative fuel tax credits [22][24] - Cash flow from operations grew more than 12% to $6.04 billion, and free cash flow increased by nearly 27% to $2.94 billion [24][28] Business Line Data and Key Metrics Changes - The Collection and Disposal business saw Operating EBITDA growth of over 8% in Q4, with a margin expansion of 160 basis points [15][21] - The Recycling segment delivered over 22% Operating EBITDA growth, despite nearly 20% lower commodity prices [11][24] - The Healthcare Solutions business improved its SG&A expenses to 20.8% of revenue in Q4, a notable improvement of 350 basis points from the prior year [24] Market Data and Key Metrics Changes - The company observed a bounce back in the industrial line of business, which had been down 3% to 4% in volume for several quarters, now nearing flat [31][32] - Residential collection volume is expected to improve steadily as the company moves through 2026 [21][32] - The landfill line of business has been a source of strength, with special waste performing well [35] Company Strategy and Development Direction - The company plans to focus on growing the core business by leveraging customer lifetime value, operational excellence, and network advantages [13] - There is a commitment to capturing returns from investments in Recycling and Renewable Energy businesses, as well as driving growth in healthcare solutions [13][28] - The company has authorized a new $3 billion share repurchase program and plans to return about $3.5 billion to shareholders through dividends and share repurchases in 2026 [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macroeconomic environment, indicating a firm footing for the economy [31][35] - The company expects continued strong growth in 2026, with guidance for Operating EBITDA growth of 6.2% at the midpoint [12][26] - The company anticipates free cash flow growth of nearly 30% in 2026, reflecting structural earnings strength [12][27] Other Important Information - The company has made significant progress in integrating the Healthcare Solutions business, with improved customer service metrics now exceeding those of the legacy business [10][37] - The company is focused on reducing SG&A expenses across all business lines, aiming to bring total company SG&A below 10% [24][56] Q&A Session Summary Question: Insights on top-line guidance and industrial activity - Management remains cautiously optimistic about the macroeconomic environment, noting a bounce back in the industrial line of business [31][32] Question: Pricing and cost refinement in Healthcare Solutions - Management highlighted significant progress in customer service and expects better price realization in 2026, with a projected 4.2% price increase [39][41] Question: Discussion on 2027 financial targets - Management clarified that 2027 estimates were not detailed guidance and emphasized the difficulty in predicting long-term performance [46][47] Question: Margin expansion expectations for Collection and Disposal - Management targets a 50 basis point margin improvement on a same-store sales basis across the portfolio [49] Question: Outlook for Healthcare Solutions EBITDA and cost synergies - Management reported exceeding synergy goals for 2025 and expects continued benefits in 2026 [53][54]

(新黄河) 通过任职信息与主要人员查询，可以深入了解项目公司或运营团队核心负责人的行业经验、过往业绩及 其在环保能源领域的职业网络，为评估其运营能力、判断项目提升潜力提供重要参考。 天眼查专业版数据显示，截至目前我国现存在业、存续状态的垃圾处理相关企业超138.3万家。其中， 2025年新增注册相关企业超17.2万家，从企业注册数量趋势来看，垃圾处理相关企业的注册数量在2023 年达到顶峰，为17.9万余家。 从区域分布来看，山东省、河北省、江苏省垃圾处理相关企业数量位居前列，分别为13.2万余家、11.6 万余家和9.8万余家。排在其后的是广东省和河南省。 近日，深圳罗湖玉龙填埋场正进行全国体量最大、全量开挖的垃圾搬迁治理工程。这座封场20年的垃圾 山，曾是"垃圾围城"的缩影，如今因垃圾焚烧技术发展，有了根治"顽疾"的能力。 在承接此类重大环保工程或选择技术合作伙伴时，投资方与政府部门对企业的合规性与历史表现尤为审 慎。通过天眼查等平台核实企业的工商信息是基础步骤，而利用天眼风险功能深度排查企业是否存在环 保处罚、安全生产事故等行政处罚或重大法律诉讼记录，则成为评估其能否胜任重大项目、防范工程与 监管风险的 ...

Group 1 - The core point of the article is that Wuhan Tianyuan's subsidiary, Huaihua Wangyuan Environmental Energy Co., Ltd., has received preliminary approval for the environmental assessment of the Huaihua Northern Municipal Solid Waste Incineration Power Plant project, with a total investment of 290 million yuan [1] Group 2 - The project is significant for the company as it indicates progress in expanding its environmental energy initiatives [1] - The approval was disclosed by relevant regulatory authorities on January 13, 2026 [1]

1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core Viewpoints - In 25Q4, most asset performances showed marginal improvement. The revenue and EBITDA of public utilities, consumption, industrial parks, and warehousing logistics all increased, while the EBITDA decline of energy and transportation significantly narrowed year-on-year. However, the rental income and EBITDA of affordable rental housing decreased slightly, and IDC benefited from long - term contracts with major clients, maintaining stable performance [3]. - The performance of different sectors in the future will be affected by various factors. Public utilities are expected to have stable cash - flows, but performance differentiation depends on the active management ability of operators. The consumption sector is expected to have a compensatory increase in 26Q1, and its performance is expected to be stable in the long - term. Affordable rental housing will face new supply shocks in 2026, and different operators need to find a balance between volume and price. The energy sector's revenue stability depends on power trading strategies. The traffic sector's performance is related to road network planning and cost control. The warehousing sector's rent is expected to decline in the short - term, and the industrial park sector will enter a deep adjustment period [3][35][56][80][102][126][147][175]. 3. Summary by Directory 3.1 Overview - In 25Q4, the performance of most assets showed a marginal improvement trend. The revenue and EBITDA of consumption, industrial parks, and warehousing logistics increased quarter - on - quarter, and the revenue of public utilities increased year - on - year. The EBITDA decline of energy and transportation significantly narrowed, and the single - quarter distribution rate of the three major types of operating - rights assets increased significantly in 25H2 [3][6][8]. - The available distribution amount completion rate of REITs established in 2024 and 2025 was 79% and 64% respectively [11][13]. 3.2 Public Utilities - As of January 23, 2026, the expansion project of Shougang Water Service REIT was terminated. The scale and price of the four listed public - utility REITs are regulated by the government [20]. - In 25Q4, the waste treatment volume and power generation of Shougang Biomass REIT increased year - on - year. The sewage treatment volume of Shougang Water Service REIT decreased quarter - on - quarter, and the water supply volume of Shaoxing Raw Water REIT decreased quarter - on - quarter. The actual heat - stop rate of Jinan Energy Heating REIT was lower than expected, and the heating area increased [23]. - The revenue of Shougang Biomass REIT increased by more than 24% year - on - year, and Jinan Energy Heating REIT achieved significant cost - reduction. The revenue, profit, and available distribution amount of Shougang Water Service REIT decreased quarter - on - quarter, and the revenue, EBITDA, and available distribution amount of Shaoxing Raw Water REIT decreased quarter - on - quarter [27]. - In 2026, the cash - flows of public - utility REITs are expected to be stable, but the performance differentiation depends on the active management ability of operators. Attention should be paid to seasonal fluctuations, external interventions, and local new competition [35]. 3.3 Consumption - There are 12 listed consumption REITs, involving four types of sub - assets: shopping centers, outlet malls, supermarkets + community commerce, and agricultural product markets. The project management is generally carried out by high - quality commercial real - estate operating enterprises [39]. - In 25Q4, the eight consumption REITs achieved good operating performance. The rental rate and rent generally increased slightly year - on - year/quarter - on - quarter or remained basically the same, and the collection rate was close to full collection. Half of the projects' rent reached a new high in the past five periods [45]. - The fund revenue generally increased, and the performance of Bailian Consumption REIT significantly improved. The available distribution amount of most consumption REITs increased year - on - year/quarter - on - quarter or remained basically the same, but the available distribution amount of China Green Development Commercial REIT and Huagong Agricultural Market REIT decreased significantly quarter - on - quarter [49][56]. - In 26Q1, the operating performance of consumption REITs is expected to have a compensatory increase. In the long - term, with the implementation of the "national subsidy" policy and the focus on expanding domestic demand, the performance of consumption REITs is expected to be stable [56]. 3.4 Affordable Rental Housing - As of 25Q4, 8 affordable rental housing REITs were listed, and China Resources Youchao REIT completed its expansion and issuance [58]. - Government - led projects had stable volume and price, while market - oriented projects exchanged price for volume. The overall rental rate remained stable, but the rental rate of some projects decreased significantly, and the bottom - floor business recruitment progress of some projects was slow [61][64]. - The overall revenue increased, but the profit margin generally decreased quarter - on - quarter. The available distribution amount of most projects changed little or increased year - on - year, but the available distribution amount of some projects decreased significantly [65][69][74]. - In 2026, affordable rental housing REITs will face new supply shocks. First - tier cities' rents are expected to be more resilient, while second - and third - tier cities' rents may face greater pressure. Different operators need to find a sustainable balance between volume and price [80]. 3.5 Energy - As of January 23, 2026, 9 energy infrastructure REITs had been recruited. In 25Q4, China National Nuclear Power Clean Energy REIT was newly issued, and Beijing Energy Photovoltaic REIT completed its expansion [82]. - More than half of the energy REITs' power generation decreased year - on - year, and the power price generally declined year - on - year. The revenue slightly decreased, and the EBITDA stabilized, but the profit indicators were differentiated [84][88][94]. - About 67% of the REITs' available distribution amount increased year - on - year, driving the overall and unit available distribution amount to increase by 3.0% year - on - year [97]. - In 2026, the mechanism power generation will set a floor for revenue. The stability and elasticity of project revenue depend on power trading strategies and capabilities [100][102]. 3.6 Transportation - As of January 23, 2026, 13 transportation infrastructure REITs were listed, and 3 projects were queuing up [104]. - In 25Q4, most projects' daily average traffic volume decreased quarter - on - quarter/year - on - year, and the toll revenue decreased quarter - on - quarter but increased year - on - year. More than half of the projects' EBITDA profit margin was at the lowest level in the year [108][111][115]. - 40% of the REITs' available distribution amount increased year - on - year. The available distribution amount of some projects increased significantly, while that of some projects decreased due to high maintenance costs [122]. - In 2026, the traffic performance of projects affected by diversion in 2025 is expected to improve year - on - year, and the performance of projects still facing diversion pressure depends on refined cost control [126]. 3.7 Warehousing Logistics - As of January 23, 2026, 11 warehousing logistics REITs had been issued, mainly located in first - tier cities and their surrounding areas and logistics hub cities [128]. - In 25Q4, the national warehousing logistics rental market still faced rent adjustment pressure, with "regional differentiation and overall pressure". The rent of market - oriented rental projects decreased, and the overall rental rate increased slightly. The rent of whole - lease projects was relatively stable, with small fluctuations [131][135][136]. - The revenue and profit margin generally weakened, but the available distribution amount increased quarter - on - quarter on average due to the year - end centralized dividends of newly - listed REITs [138][142]. - In the short - term, the national warehousing rent is expected to continue to decline. The performance of projects will vary according to regional levels and rental operation models, and some projects with improved supply - demand conditions may recover first [147]. 3.8 Industrial Parks - As of 25Q4, 20 industrial park REITs were listed, involving 50 projects, mainly in the east of the Hu Line, with a continuous increase in R & D/office and manufacturing projects [149]. - The rental rate and collection rate of business parks increased, but the rent was still at the bottom. The rental rate and collection rate of manufacturing parks were high, but the rent still faced downward pressure [155][159]. - The marginal improvement of fund revenue began to appear, but the EBITDA was still under pressure. The change trend of the available distribution amount of individual bonds was differentiated, and some industrial park REITs' secondary - market net value dropped to a low level, with the distribution rate reaching a new high in the past five periods [163][167][171]. - In 2026, the supply of industrial parks is expected to be at a high level, and the rental downward pressure will continue. Attention should be paid to high - quality projects with a good supply - demand pattern, marginal improvement in operating fundamentals, and a stable rent trend [175]. 3.9 IDC - Two listed IDC - REITs operate under long - term agreements with major clients. In 25Q4, their operation was stable, and the financial indicators increased significantly quarter - on - quarter [177][181]. - In 2026, the basic business of the two IDC projects is expected to be stable due to long - term agreements. Attention should be paid to cost - side changes, such as the construction progress of surrounding substations and the control of energy - efficiency indicators [185].

Core Viewpoint - The article discusses the significant advancements in waste management in China, particularly focusing on the large-scale garbage relocation and treatment project at the Yulong landfill in Shenzhen, which is the largest of its kind in the country. The project aims to address historical waste issues through innovative technologies and has implications for the broader waste-to-energy industry in China [1][19]. Group 1: Project Overview - The Yulong landfill, established in 1983 and closed in 2005, contained approximately 2.5 million cubic meters of waste, equivalent to filling 1,000 Olympic-sized swimming pools. The full excavation and relocation project commenced in 2024 and is expected to be completed by September 2026 [1]. - The height of the garbage mound, which reached 110 meters, has been completely leveled, and the site is now covered with large dust-proof fabric. Nearby, a waste sorting workshop with six giant conveyor belts is operational, ensuring that residents do not see or smell the waste [3]. Group 2: Waste Management Technology - Traditional landfill methods have led to significant land use and secondary pollution issues, prompting a shift towards waste incineration as a mainstream waste management solution in urban areas. This shift has alleviated the "garbage siege" problem that plagued many cities in the 1990s [5]. - China has made substantial progress in waste-to-energy technology, transitioning from a follower to a leader in the field. The country has developed a complete industrial chain for waste incineration, including waste collection, equipment manufacturing, and project operation [6][8]. Group 3: Market Dynamics - The market for waste incineration power generation in China is projected to reach approximately 73 billion yuan in 2024, a decrease from nearly 100 billion yuan in 2020 due to the reduction in available waste for incineration [9]. - Major players in the waste management sector include Everbright Environment, which holds over 15% market share, followed by companies like Sanfeng Environment and Huanlan Environment. The industry is characterized by a competitive landscape with a few leading firms [5][15]. Group 4: Regulatory and Operational Framework - The Chinese government has prioritized waste incineration as a key direction for solid waste management since the "11th Five-Year Plan." The strategic importance of waste-to-energy has increased with the introduction of the "dual carbon" goals and the concept of "waste-free cities" [8]. - The most common business model for waste incineration projects is the BOT (Build-Operate-Transfer) model, where companies are granted long-term operating rights to manage waste treatment facilities [16][18]. Group 5: Challenges and Innovations - Some regions are experiencing a "not enough waste to burn" phenomenon, particularly in newly constructed incineration plants in county-level areas, where the actual waste generation is lower than anticipated [15]. - Companies are exploring new waste sources, such as industrial solid waste and sludge, and are investing in technology innovations to enhance operational efficiency and project quality [18].

Group 1: Environmental Initiatives - The proposal to create the Miyun Reservoir National Park aims to enhance ecological advantages and promote local employment opportunities for farmers [4][5] - The Miyun water system is highlighted as a crucial part of the national water network, with significant contributions to flood control and water supply [4] - The average PM2.5 concentration in Miyun is projected to be 23.4 micrograms per cubic meter by 2025, the lowest in Beijing, indicating strong ecological health [4] Group 2: Hydrogen Energy Development - The hydrogen energy industry in Beijing has made significant progress, with the city being a national leader in hydrogen technology and infrastructure [5] - There is a call to include hydrogen energy in Beijing's future industrial plans, emphasizing the need for supportive policies to foster growth in this sector [5] - The development of hydrogen-powered vehicles and the establishment of hydrogen refueling stations are seen as critical steps for the future of the hydrogen industry in Beijing [5] Group 3: Waste Management and Energy Production - The current waste management strategy in Beijing has shifted from landfilling to incineration, generating nearly 14,000 tons of hazardous waste annually [6][8] - The potential to produce 48,000 tons of green hydrogen and recover 750,000 tons of liquid carbon dioxide from waste processing is highlighted, with an estimated economic benefit of around 20 billion yuan [8] - Advanced waste treatment technologies are recommended to maximize resource recovery and minimize environmental impact, transforming waste into green energy [6][8] Group 4: Urban Waterway Enhancement - The proposal includes enhancing the ecological corridors of rivers in urban areas, focusing on creating diverse and accessible waterfront spaces [9] - Suggestions for improving the green coverage along riverbanks and utilizing water features to activate urban spaces are presented [9] - The importance of balancing flood safety with the creation of recreational water spaces is emphasized, promoting a more integrated urban waterway system [9]